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The investment reflects the market shift to developer security and increased global demand for Snyk's Developer Security Platform.
FREMONT, CA: Snyk, the industry leader in developer security, announced a 530 million dollars Series F investment today to accelerate the industry's move to developer security as companies quickly update their applications with security embedded across the software development life cycle. The deal includes both primary and secondary offers totaling more than 300 million dollars in new cash. The business has now received a total of 775 million dollars, with a post-round valuation of 8.5 billion dollars, more than doubling since the beginning of 2021.
Sands Capital and Tiger Global co-led the round, which also included new investors Baillie Gifford, Lone Pine Capital, Koch Strategic Platforms, T. Rowe Price, and Whale Rock Capital Management, and existing investors Accel, Alkeon, Addition, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, and Salesforce.
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"This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision," said Peter McKay, CEO, Snyk. "When security starts with the world's expanding pool of developers - estimated to reach 45 million by 20301 - organizations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world's software safer."
Following the company's Series E funding and expansion into Asia Pacific Japan earlier this year, Snyk has already completed several major milestones in 2021. As the firm enters the next critical phase of accelerated growth, it builds on a solid basis.
Notably, in 2021, Snyk has:
Increased annual recurring revenue (ARR) by 154 percent year on year;
Expanded its customer base to more than 1,200 companies, ranging from established enterprises leaders to emerging hypergrowth technology players;
Hired and onboarded 320 employees, with the projections to end the year with 800+ employees worldwide; and
FossID was purchased successfully to expand licensing compliance and C/C++ capabilities.
"Snyk's innovative developer-first approach addresses a critical need for businesses – enabling their developers to move fast without compromising security," said Michael Clarke, Managing Partner, Sands Capital. "We are thrilled to be a part of this next chapter in Snyk's impressive journey and excited to see the company lead this growing market with new, innovative products."
Snyk provides a seamless developer experience for security by embedding application and security intelligence in a SaaS platform, with products that directly meet the demands of both old and current technology stacks, such as open-source, containers, and infrastructure as code.
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