Snyk raises $300m at $4.7b valuation

Snyk founders Photo: Snyk

The Israeli cloud native application security company has quadrupled its valuation over the past year.

Israeli cloud native application security company Snyk today announced that the company has closed $300 million in Series E financing. The financing round included both primary and secondary offerings and resulted in $175 million of new capital into the business. The company has now raised $470 million to date with a valuation of $4.7 billion post this round, quadrupling since the beginning of 2020. Snyk raised $250 million in 2020 in two financing rounds.

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.

The company's has developed a cloud native application security platform which is a 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.

The company was founded in 2015 by Guy Podjarny, Assaf Hefetz and Danny Grander - all graduates of the Israel Defense Forces 8200 intelligence unit. In July 2019, Snyk appointed Peter McKay as CEO, an investor who has been involved with Snyk since its inception and an old friend of Podjarny.

McKay said, "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. 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."

Published by Globes, Israel business news - en.globes.co.il - on March 10, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Snyk founders Photo: Snyk
Snyk founders Photo: Snyk
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