- Developer-first security company Snyk recently announced it raised $150 million at a valuation of more than $1 billion. And Ken Fox joined the company’s board.
Snyk is a developer-first security company that recently announced it raised $150 million led by Stripes. This round of funding had followed a $70 million round of funding in late 2019. Including this round, Snyk has raised a total of $250 million. Now the company’s valuation is over $1 billion.
With this round of funding, Snyk is going to accelerate product innovation, community growth, and global expansion. And the company is going to bring developer-first security to every digitally-driven organization thus scaling application security to the pace of the cloud and DevOps era.
Ranging from financial services, healthcare, retail, and manufacturing, all modern businesses are becoming digitally-driven software companies. While these organizations barrel towards digital future using cloud technologies and DevOps practices, they are being held back due to legacy application security solutions and practices. And these solutions put understaffed security teams in the critical path of delivering quality applications, which results in insecure applications and negating the acceleration the business is seeking.
Snyk is handling this challenge by delivering developer-first security to organizations, empowering development teams to own, automate, and deliver secure applications while providing security teams the governance and visibility they require. Snyk offers continuous security and compliance from source code to production and back again.
“This investment accelerates Snyk’s significant momentum in transforming the way application security is approached and delivered in software-driven enterprise organizations,” said Snyk CEO Peter McKay. “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 is known for integrating into the technologies and platforms that cloud application developers prefer thus prioritizing the developer experience to encourage true adoption. And this is proven by more than 400,000 developers using the company’s technology worldwide.
“At Intuit, we move fast and efficiently, but we have to address security at every step,” added Intuit senior software engineer David Aghassi. “Using Snyk helps us monitor and fix open source dependencies and ensure we always have security integrated into our application development process. It has also enabled us to find issues between development teams that we previously never had insight to.”
Last year was exceptional for Snyk as the company drove over 4x year-over-year revenue growth. And the company also secured some of its largest customer wins to date, including Google, Salesforce, Intuit, and New Relic.
“Investing in promising companies is always exciting, but it’s especially thrilling to be part of a company that is making history,” explained Ken Fox, founder and partner at Stripes — who is joining Snyk’s Board of Directors. “Snyk’s unique product-led and mission-driven approach will turn the tide by empowering developers to be the first line of defense against growing cyber risk and helps businesses worldwide meet the digital needs of their customers. We look forward to partnering with the entire Snyk team to drive the next phase of the company’s success in 2020 and beyond.”
