Snyk: $200 Million Funding And Over $2.6 Billion Valuation

By Noah Long ● September 13, 2020
  • Developer-first security company Snyk announced it has raised $200 million led by Addition. These are the details.

Developer-first security company Snyk announced it has raised $200 million led by Addition. This round of funding follows a $150 million funding round from January. Including this funding round, Snyk has raised $450 million and now the company is valued at over $2.6 billion.

Snyk is planning to utilize this investment to accelerate its vision for a comprehensive developer-first security solution — one that includes open source security, container security, and a recently launched infrastructure as code security.

The company has especially seen momentums this year as it hit over 275% in revenue growth and 100% employee growth. Plus the company also continued collaboration with key customers like Google, Salesforce, Revolut and ASOS. 

And the industry is increasingly embracing Snyk as the developer-first security standard with companies like Atlassian, Docker, Red Hat, Trend Micro and Rapid7 tapping into Snyk’s data and technology to embed security into their cloud native applications and development processes. The company’s community of over 1.5 million developers are embracing DevSecOps.

Later this year, Snyk will be engaging with its community as it will be hosting virtual user conference SnykCon on October 21-22, 2020. SnykCon is free for all registrants and 100% of any proceeds will benefit their charitable partner the Bill & Melinda Gates Foundation.

KEY QUOTES:

“Since early 2020 we’ve seen dramatic acceleration of digital transformation fueled by the pandemic that now requires both application development speed and security. 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.”

— Snyk CEO Peter McKay

“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. 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.”

— Lee Fixel, Founder of Addition