- Developer-first security company Snyk announced it raised $70 million in funding led by Accel and existing investors GV and Boldstart Ventures
Snyk — a developer-first security company — has announced that it raised $70 million in funding led by Accel and existing investors GV and Boldstart Ventures. This round of funding comes at a time where Snyk is seeing strong momentum with 4x revenue growth this year. This round of funding will be used to fuel the company’s next phase of global growth.
“Increasingly, enterprises around the world understand that the combination of DevOps adoption and growing security awareness are driving the security industry to urgently adapt in order to keep up,” said Guy Podjarny, the founder and president at Snyk. “Snyk was founded on the belief that developers will embrace security given the right solution. Four years later, we’ve seen that vision become reality, with hundreds of thousands of developers using our solutions to secure their containers and applications. We are excited to use this investment to further build out the products, resources, and community to expand this market leadership to even more development teams and enterprise organizations.”
And this funding round follows Snyk’s $22 million funding round in September 2018 — which was led by Accel. Including this round, Snyk has raised a total of $102 million. And the additional $70 million puts the company in a strong position to accelerate its go-to-market strategy, continue to drive massive growth in adoption and usage, and continue its expansion into new global markets.
Snyk also hit a number of recent milestones since the last round of funding. And the company’s global user community has expanded to more than 300,000 developers worldwide and Snyk’s customer base grew by 200% in 2019.
Plus more than 90% of Snyk’s customers originate from inbound and product-led opportunities. And major enterprise customers like Google, Microsoft, Salesforce, and ASOS are leading the vanguard in Snyk adoption within the industry.
“Accel has a long history in the security market and we believe Snyk is bringing a truly unique, developer-first approach to security in the enterprise. The strength of Snyk’s customer base, rapidly growing free user community, leadership team and innovative product development prove the company is ready for this next exciting phase of growth and execution,” explained Matt Weigand of Accel.
Snyk also saw a number of major developments within the last couple of years. For example, Snyk’s global team of employees grew 600% in just 18 months. And Snyk hired Peter McKay as CEO in July 2019. And the company also recently hired Ken MacAskill as CFO, Stephanie Dominy as General Counsel, and Dipti Salopek as VP of People. Plus Snyk also recently acquired DevSecCon — which is the premier conference dedicated to DevSecOps.
“Today, every business, from manufacturing to retail and finance, is becoming a software business,” added McKay. “There is an immediate and fast-growing need for software security solutions that scale at the same pace as software development. This investment helps us continue to bring Snyk’s product-led and developer-focused solutions to more companies across the globe, helping them stay secure as they embrace digital innovation – without slowing down.”
Gartner is predicting that by 2022, over 75% of global organizations will be running containerized applications in production — which is an increase from fewer than 30% today. And in a recent report, Snyk found that 44% of Docker image scans had known vulnerabilities.
“More and more of our business has become software which makes securing our developers and their processes a top priority,” noted Mark Geeslin, the Senior Director of Product Security at Asurion. “Snyk is helping our security team scale across the organization by giving our developers a tool they will actually use, helping us achieve our goals of running fast, and making sure we are secure every step of the way.”
