Investment Reflects Market Shift to Developer Security and Increased Global Demand for Snyk’s Developer Security Platform
Snyk, the leader in developer security, today announced a $530 million Series F investment to accelerate the industry’s shift to developer security as organizations rapidly modernize their applications with security built into the entire software development life cycle. The transaction included both primary and secondary offerings with more than $300 million of new capital. The company has now raised a total of $775 million to date with a valuation of $8.5 billion post this round, more than tripling since the beginning of 2021.
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The round was co-led by Sands Capital and Tiger Global, with participation from new investors Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management as well as existing investors Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek.
“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.”
Supercharging Growth to Fight Cybercrime
Snyk has already achieved a number of significant milestones in 2021 following the company’s Series E financing and expansion into Asia Pacific Japan earlier this year. As the company transitions into this next pivotal phase of supercharged scale, it builds upon a strong foundation.
Notably, in 2021 thus far, Snyk has:
- Increased annual recurring revenue (ARR) by 154% year-over-year;
- Grown its customer base to more than 1,200 companies, from established enterprise leaders to emerging hypergrowth technology players;
- Hired and onboarded 320 employees with projections to end the year with 800+ employees worldwide;
- Delivered more than 40+ new product features; and,
- Successfully acquired FossID to expand license compliance and C/C++ capabilities.
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“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.”
“Since the company’s founding in 2015, we’ve seen Snyk evolve from a developer security pioneer to the de facto leader in this important and growing space,” said John Curtius, Partner, Tiger Global Management, “We admire what the Snyk team has accomplished to date, but are even more excited about what’s next as they continue their relentless pursuit to enable each one of the world’s developers to build securely.”
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