Israeli cybersecurity company Snyk has announced closing a $150 million fincncing round led by New York growth equity firm Stripes. This latest round follows a late 2019 fundraise of $70 million and increases Snyk's total investment to $250 million and the company's valuation to more than $1 billion.
Snyk will use the new funding to accelerate product innovation, community growth and global expansion, bringing developer-first security to every digitally-driven organization, scaling application security to the pace of the cloud and DevOps era. The company was founded by Guy Podjarny, Assaf Hefetz and Danny Grander - all graduates of the IDF 8200 intelligence unit. In July, Snyk appointed Peter McKay as CEO, an investor who has been involved with Snyk since its inception and an old friend of Podjarny.
With offices in London, Boston and Tel Aviv, Snyk is tackling this growing challenge by delivering developer-first security to organizations, empowering development teams to own, automate and deliver secure applications, while giving security teams the governance and visibility they require. Snyk goes beyond shifting security left, offering continuous security and compliance from source code to production and back again.
McKay said, "This investment accelerates Snyk's significant momentum in transforming the way application security is approached and delivered in software-driven enterprise organizations. With rapid 2019 revenue and customer growth from both individual users and scaling development teams, we are seeing the market embrace developer-first application security to help tackle the increasing cybersecurity concerns that come with digital transformation."
Snyk integrates into the technologies and platforms that cloud application developers prefer, prioritizing the developer experience to encourage true adoption. This is reaffirmed by more than 400,000 developers who embrace it worldwide. Snyk also offers best of breed vulnerability intelligence, validated by the world's largest cloud, financial and security customers and partners. Combined, Snyk uniquely provides cloud-native application security solutions, including open source security, container security and more, that scale to achieve secure digital transformation.
Other investors in Snyk include Accel, Coatue, Tiger Global, Boldstart, GV, Canaan,Trend Forward, Amity and Salesforce Ventures.
Snyk quadrupled revenue in 2019 and gained new cusatomers including Google, Salesforce, Intuit and New Relic.
Published by Globes, Israel business news - en.globes.co.il - on January 21, 2020
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