New investment accelerates Snyk’s mission to modernize the security industry by empowering developers to integrate security into the software development lifecycle
Developer-first security company Snyk has secured a $200 million investment, led by Addition, an investment firm founded to support visionary entrepreneurs. This latest round follows a January fundraise of $150 million, increasing Snyk’s total investment to $450 million and the company’s valuation to more than $2.6 billion.
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Snyk plans to leverage this latest investment to accelerate its vision for a comprehensive developer-first security solution, one that includes open source security, container security and recently launched infrastructure as code security, directly answering the market’s crucial need for a new approach to modern security challenges associated with the era of rapid digital transformation.
“Since early 2020 we’ve seen dramatic acceleration of digital transformation fueled by the pandemic that now requires both application development speed and security,” said Peter McKay, Snyk CEO. “The result has been companies turning to Snyk to enable security at scale by giving their development teams the security intelligence, automated workflows and visibility into mitigating risk faster and more easily. With this latest investment we will accelerate even faster, expanding our cloud-native application security platform and bringing Snyk to new markets around the world. I am humbled and proud of Snyk’s remarkable employees, customers and business partners who have all weathered a challenging 2020 and continue to embrace our mission, working tirelessly to move our industry forward.”
This funding brings Snyk’s total invested capital to $450 million from leading investors including Accel, Amity, Boldstart, Canaan, Coatue, GV, Salesforce Ventures, Stripes, Tiger Global, Trend Forward, and now Addition with this funding round. Snyk has had an extraordinary year of momentum thus far, including more than 275% revenue growth and 100% employee growth; and continued meaningful collaboration with customers such as Google, Salesforce, Revolut and ASOS.
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“Snyk’s impressive growth is a signal that the market is ready to embrace a change from traditional security and empower developers to tackle the new security risk that comes with a software-driven digital world,” said Lee Fixel, Founder of Addition. “During a time of uncertainty, Snyk has continued to invest in its expanding product line to ensure developers have the right tools in place to address these modern security challenges. We are excited to partner with Snyk as the business continues to seize this large market opportunity.”
The industry is increasingly embracing Snyk as the developer-first security standard, with leaders such as Atlassian, Docker, Red Hat, Trend Micro and Rapid7 building on Snyk’s data and technology to embed security into their cloud native applications and development processes. Underlying this momentum is the world’s strongest community of more than 1.5M developers embracing DevSecOps. Snyk continues to focus on new and unique ways to engage this community and accelerate the development of secure software globally including the recent DevSecCon24 Virtual Conference and release of the 2020 State of Open Source Security Report.
On October 21-22, 2020, Snyk will host SnykCon, its first virtual user conference, bringing together a global community of development, security and operations leaders. SnykCon is free to all registrants and 100% of any proceeds will benefit our charitable partner, the Bill & Melinda Gates Foundation.
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