Snyk is Latest Cybersecurity Unicorn After Adding $150 Million in Funding
Snyk, a developer security platform that helps teams find, prioritize, and fix vulnerabilities in code, dependencies, containers, and infrastructure as code, has raised $150 million in a Series F round led by Stripes, with participation from existing investors such as Accel, Coatue, Tiger Global, BlackRock, Salesforce Ventures, and others.
The new funding brings Snyk's valuation to $8.5 billion, making it one of the most valuable cybersecurity unicorns in the world. The company has more than doubled its revenue and customer base in the past year, reaching over 2.2 million developers and 1,200 enterprise customers, including Google, Netflix, Salesforce, Intuit, and Atlassian.
Snyk plans to use the fresh capital to expand its product portfolio, grow its global presence, and invest in its community of developers and security experts. The company also announced the launch of Snyk Cloud Native Application Security Platform, a comprehensive solution that covers the entire cloud native application lifecycle from development to production.
\"Snyk's impressive growth is a testament to the importance of empowering developers to secure their applications and infrastructure as they build them,\" said Ken Fox, Partner at Stripes. \"We are thrilled to partner with Snyk's exceptional leadership team and support their vision of bringing developer security to every organization.\"
\"We are on a mission to make security accessible and easy for every developer in the world,\" said Peter McKay, CEO of Snyk. \"This investment enables us to accelerate our growth and innovation, and to bring our platform to even more developers and security teams across the globe.\"
Snyk's latest funding round comes amid a surge of interest in cybersecurity startups, as the pandemic-driven shift to remote work and cloud computing has exposed new vulnerabilities and threats. According to Crunchbase, cybersecurity companies raised a record $11.5 billion in 2020, up 22% from 2019.
Snyk is also one of the fastest-growing cybersecurity unicorns, having increased its valuation by more than 15 times since January 2020, when it raised $150 million at a $1 billion valuation. In March 2021, it raised another $300 million at a $4.7 billion valuation, and in September 2021, it added $196.5 million at a $7.4 billion valuation.
The company attributes its rapid growth to its developer-centric approach, which enables developers to integrate security into their workflows and tools, rather than relying on external security teams or processes. Snyk claims to have over 2.2 million developers using its platform, including more than 40% of Fortune 100 companies.
Snyk offers a range of products that cover different aspects of developer security, such as Snyk Open Source, Snyk Code, Snyk Container, Snyk Infrastructure as Code (IaC), and Snyk Cloud. These products help developers identify and fix vulnerabilities in their code, dependencies, containers, and cloud configurations, as well as monitor and protect their applications in production.
Snyk also provides a rich set of integrations with popular development tools and platforms, such as GitHub, GitLab, Bitbucket, Azure DevOps, Docker Hub, Kubernetes, Visual Studio Code, IntelliJ IDEA, and more. By integrating security into the developer workflow, Snyk enables faster and more secure software delivery.
In addition to its products and integrations, Snyk also boasts a large and active community of developers and security experts who contribute to its open source projects, vulnerability database, blogs, podcasts, webinars, and events. Snyk also supports various open source initiatives and foundations, such as the Linux Foundation and the Cloud Native Computing Foundation. aa16f39245