CFOtech New Zealand - Technology news for CFOs & financial decision-makers
Story image
Snyk powers forward following financing round, expands leadership team
Tue, 16th Mar 2021
FYI, this story is more than a year old

Snyk has closed its Series E financing round, totalling $300 million, and has expanded its leadership team to deliver advanced security to companies around the globe.

The transaction included both primary and secondary offerings, and resulted in $175 million of new capital into the business.

The company has now raised a total of $470 million to date with a valuation of $4.7 billion post this round, quadrupling since the beginning of 2020.

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.

In a statement the company wrote, "Snyk is privileged to have members of this ecosystem directly participate in this latest financing round."

According to a statement, this investment allows Snyk to serve the growing global demand for the company's Cloud Native Application Security Platform.

Snyk states, this is 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.

It also supports the Snyk Intel Vulnerability Database, which powers developer-centric technology companies including Atlassian, Datadog, Docker, Dynatrace, Google, Red Hat, Salesforce and Twilio.

The company additionally announced the hiring of chief marketing and customer experience officer Jeff Yoshimura, CIO Erica Geil, and vice president Asia Pacific Japan (APJ) sales Shaun McLagan.

Snyk also welcomed two new board members, Michael Scarpelli, chief financial officer of Snowflake, and Ping Li, partner of Accel.

Snyk CEO Peter McKay says, “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.

Snyk partners commented on the announcement.

Ping Li says, "We first met the Snyk team at the start of their journey, as early investors. Throughout our partnership, we've witnessed first-hand Snyk's unshakeable dedication to developer and security teams and their original vision become a reality.

"We're looking forward to supporting the successes of Snyk in 2021 and beyond."

Atlassian head of corporate development, Chris Hecht, says, “We believe Snyk's developer-first approach to security is a fantastic tool for developers and organisations today.

"Snyk has already showcased some amazing integrations with our tools, and we're now thrilled to extend our partnership with them through an Atlassian Ventures investment.

Salesforce Ventures International partner Alex Kayyal says, “Salesforce Ventures was an early investor in Snyk and were excited to grow our partnership even further, particularly as Snyk is deployed across various development teams at Salesforce.

"As transformation accelerates in this digital-first world, Snyk's vision to enable companies to embrace security earlier in the development cycle continues to resonate deeply.