Snyk, a UK-based cybersecurity company, has announced it has raised US$300 million in a Series E funding round from a slew of investors, including Temasek, at a post-money valuation of US$4.7 billion.
The Accel- and Tiger Global-led round also saw participation from existing investors Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formerly Google Ventures), Salesforce Ventures, Stripes and funds managed by BlackRock.
New investors include Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital and Sands Capital Ventures.
The transaction included both primary and secondary offerings and resulted in US$175 million of new capital pumped into the business.
The company has now total of US$470 million in its kitty.
Snyk said the fresh funds will go towards addressing a “fast-growing” global demand for the company’s cloud application security platform.
The company 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). Snyk also added two new Board Members, Michael Scarpelli (CFO of Snowflake) and Ping Li (Partner at Accel).
Since starting in 2015, Snyk claims it has enabled 2.2 million developers to build securely, with a vision to empower every modern developer in the world to develop fast and stay secure. It also works with global customers to empower developers to automatically integrate security throughout their existing workflows.
“Our relentless focus on the experience of the 2.2 million developers building applications of all kinds securely with Snyk has resulted in our success to date, and we believe there is an exponential, generational opportunity still in front of us,” said Peter McKay, CEO, Snyk.
“We first met the Snyk team at the start of their journey, as early investors. Throughout our partnership, we’ve witnessed first-hand Snyk’s dedication to developer and security teams and their original vision become a reality,” opined Ping Li, Partner at Accel.
“Salesforce Ventures was an early investor in Snyk and we’re excited to grow our partnership even further, particularly as Snyk is deployed across various development teams at Salesforce,” commented Alex Kayyal, Partner at Salesforce Ventures International.
“As transformation accelerates in this digital-first world, Snyk’s vision to enable companies to embrace security earlier in the development cycle continues to resonate deeply,” he added.
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