21 January 2020:

Snyk has raised $150 million in funding round. The funding round was led by growth equity firm Stripes. This latest round increases Snyk’s total investment to $250 million and the company’s valuation to more than $1 billion.

Coatue, Tiger Global, BoldStart,Trend Forward, Amity and Salesforce Ventures also participated in the funding round.

The company will use the fresh capital to accelerate product innovation, community growth and global expansion, bringing developer-first security to every digitally-driven organization, scaling application security to the pace of the cloud and DevOps era.

Ken Fox, Founder and Partner at Stripes will join Snyk’s Board of Directors

Peter McKay, CEO, Snyk, said, “This investment accelerates Snyk’s significant momentum in transforming the way application security is approached and delivered in software-driven enterprise organizations. 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.”

Ken Fox, Founder and Partner at Stripes, said, “Investing in promising companies is always exciting, but it’s especially thrilling to be part of a company that is making history. 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.”

David Aghassi, Senior Software Engineer, Intuit, said, “At Intuit, we move fast and efficiently, but we have to address security at every step. 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.”

Alex Kayyal, Partner at Salesforce Ventures, said, “At Salesforce, trust is our number one value, and we’re delighted to support Snyk as they continue their accelerated growth and bring an increased focus on security to open source.”

(Source – Synk)

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