Snyk (pronounced sneak) is a cloud-native application security startup that helps developers build software securely. The company has raised $ 530 million (roughly $ 498.62 million) in its Series F funding round. The deal includes both primary and secondary bids with more than $ 300 million (roughly $ 253 million). â¬ 53 million) of new working capital.
With this round, the company’s valuation jumps to $ 8.5 billion (around â¬ 7.18 billion), more than triple since the start of 2021. Earlier this year, in March, the company closed his Series E round of funding totaling $ 300 million (approximately â¬ 250.7 million). The transaction included both primary and secondary offerings and generated $ 175 million (approximately â¬ 146.2 million) in new capital for the company.
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Including this round, Snyk has now raised a total of $ 775 million (around â¬ 654.96 million), to date.
Investors in this round
The current round has been co-led by Sands Capital and Tiger Global and new investors including Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management.
In addition, existing investors also participated in this round. They include Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek.
What is Snyk?
Founded in 2015 by Assaf Hefetz, Danny Grander and Guy Podjarny, Snyk enables developers to build secure applications and equip security teams to meet the demands of the digital world.
According to the company, its dependency scanner makes it the only solution that finds, prioritizes and fixes vulnerabilities and license violations in open source dependencies and container images.
It provides a platform to secure all critical components of today’s cloud native application development, including code, open source libraries, container infrastructure, and infrastructure as code.
Guy Podjarny explains, âSecurity must now be fully owned by developers so that they are equipped to resolve security issues in real time as they arise. Our approach makes security easy so that modern developers are set up for true success, securing what they build without having to become a security expert or slow down.
Its developer-centric approach ensures that organizations can secure all critical components of their applications, from code to the cloud, which helps increase developer productivity, revenue growth, customer satisfaction, cost savings and more. an overall improvement in safety.
Snyk’s Developer Security Platform automatically integrates into a developer’s workflow and is uniquely designed for security teams to collaborate with their development teams. Currently, it is used by 1,200 customers around the world, including industry leaders such as Asurion, Google, Intuit, MongoDB, New Relic, Revolut, and Salesforce.
The company’s customers and users collectively performed over 300 million tests in the past 12 months and fixed over 30 million vulnerabilities in the past 90 days.
Growth to fight cybercrime
Snyk claims to have reached a number of milestones in 2021 following the financing and expansion of the company’s E-Series in Asia-Pacific in Japan.
Part of its growth this year so far includes:
- Annual recurring revenue increase of 154% year-on-year;
- Expansion of its clientele to more than 1,200 companies, from established companies to technological players in hyper-growth;
- Hired and integrated 320 employees with projections to end the year with more than 800 employees worldwide;
- Provided over 40+ new product features;
- Acquisition of FossID to extend license compliance and C / C ++ capabilities
The raised capital will continue to accelerate innovation and product development for Snyk, which will be announced at the company’s free annual developer conference, SnykCon 2021, next month.
The company plans to introduce further enhancements to its developer security platform, new workflow integrations, improved features, and new features at that time.
Who is Dino DiMarino?
To continue implementing its growth plans, Snyk has integrated its management team with the addition of Chief Revenue Officer, Dino DiMarino, who will join the company early next month.
DiMarino is a cybersecurity industry veteran who spent five years at Mimecast (NASDAQ), where he oversaw global sales as Chief Revenue Officer. Prior to Mimemcast, he was Vice President of Sales for the Americas for RSA, the security division of EMC, leading a team of over 250 people.
At Snyk, Dino DiMarino will focus on global expansion, advance the delivery of priority go-to-market initiatives, and further strengthen the company’s capabilities in financial services and federal government verticals.
Besides DiMarino, the company recently hired Chief People Officer, Adriana Bokel Herde; Director of Marketing and Customer Experience, Jeff Yoshimura; chief information officer, Erica Geil; and Vice President of Asia-Pacific Japan (APJ) Sales, Shaun McLagan.
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