Cybersecurity startup Snyk bags US$ 300M in Series E funding

UK-based cybersecurity startup Snyk announced in March 2021 that it has raised US$ 300M in a Series E funding round led by Accel and Tiger Global. Other funding round participants include Temasek, Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formerly Google Ventures), Salesforce Ventures, Stripes, BlackRock, Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital and Sands Capital Ventures.

The startup will use the funding round proceeds to address a rapidly-growing global demand for its cloud application security platform. Post this funding round; its post-money valuation now stands at US$4.7 billion. The investment included both primary and secondary offerings and resulted in the business acquiring US$ 175M of fresh capital.

The startup’s total funding raised to date now equals US$ 470M. Snyk also announced the hiring of Jeff Yoshimura (Chief Marketing and Customer Experience Officer), Erica Geil (CIO), Shaun McLagan (Vice President, Asia Pacific Japan (APJ) Sales). It also added two new Board Members, Michael Scarpelli (CFO of Snowflake) and Ping Li (Partner at Accel).

About the startup

Snyk was founded in 2015. It claims to have enabled 2.2 million web developers to work securely with a vision to allow every modern developer worldwide to develop fast and stay secure. It has also joined forces with global clients to empower developers to incorporate security all through their existing workflows automatically.

Statements from the stakeholders

CEO Peter McKay said their persistent focus on the experience of the 2.2 million developers building applications of all kinds safely with Snyk has resulted in their success to date. He believes there is an exponential, generational opportunity still lying in front of them.

Ping Li, Partner at Accel, said they first met the Snyk team at the beginning of their journey as early investors. Throughout their association with Snyk, they first-hand witnessed the startup’s dedication towards developer and security teams, and their original vision becomes a reality.

Alex Kayyal, Partner at Salesforce Ventures International, said Salesforce Ventures was an early investor in Snyk. They’re excited to grow their partnership even further, especially as Snyk is positioned across various salesforce development teams. He added that as transformation accelerates in this digital-first world, Snyk’s vision to enable companies to adopt security earlier in the development cycle continues to resonate deeply.

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