Snyk has closed a Series E financing totaling $300 million, bringing the total funds raised to $470 million so far and making the company’s valuation to $4.7 billion.
The round was co-led by Accel and Tiger Global, with participation from existing investors Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formally Google Ventures), Salesforce Ventures, Stripes and funds managed by BlackRock. New investors include Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital, Sands Capital Ventures and Temasek.
This latest investment allows Snyk to serve the fast-growing global demand for the its Cloud Native Application Security Platform. It is touted as the only developer-first solution to provide security visibility and remediation for every critical component of modern applications, including the application code, open source libraries, container infrastructure and infrastructure as code.
“Our relentless focus on the experience of the 2.2 million developers building applications of all kinds securely with Snyk has resulted in our success to date, and we believe there is an exponential, generational opportunity still in front of us,” said Snake CEO Peter McKay.
“This latest investment allows us to accelerate our growth at every level — doubling down on our successful product led growth strategy, adding to our customer roster, recruiting talent to our team worldwide and expanding geographically,” said McKay.
The Snyk Cloud Native Application Security Platform enables modern developers to build securely without sacrificing the speed their business requires in order to successfully compete.
“We first met the Snyk team at the start of their journey, as early investors,” said Ping Li, partner at Accel. “Throughout our partnership, we’ve witnessed first-hand Snyk’s unshakeable dedication to developer and security teams and their original vision become a reality.
Snyk has long invested in advancing other developer-first companies to embed security into its diverse developer tooling ecosystem, ultimately introducing them to a new way of working that brings about greater security measures without greater friction or frustration.
The Snyk Intel Vulnerability Database powers innovative, developer-centric technology companies including Atlassian, Datadog, Docker, Dynatrace, Google, Red Hat, Salesforce and Twilio.