Cybersecurity startup Snyk raises $196.5M, valued at $7.4 billion after latest funding
- ByStartupStory | December 14, 2022
Snyk, a provider of cybersecurity technology, has recently raised $196.5 million in a series G funding that puts the company’s valuation at $7.4 billion. The latest funding round was led by QIA (Qatar Investment Authority) and included participation from new investors Evolution Equity Partners, G Squared and Irving Investors as well as existing investors Boldstart Ventures, Sands Capital and Tiger Global.
Snyk has raised this new amount at a lower valuation as compared to the previous year. In September 2021 the company raised $530 million in a Series F funding round that the company at the time said put its valuation at $8.5 billion. This year’s economic uncertainty and turbulent stock market have led to reduced values for some IT startups. The company said that the investment is expected to drive snyk’s product innovation, expand organically and inorganically through strategic acquisition.
Snyk CEO Peter Mckay gave a statement after the company raised funds he said, “In this challenging macroeconomic environment, it is more critical than ever for global enterprises to increase their developer productivity and be able to continue their pace of innovation securely,” Ed Sim, the founder and the general partner said “ As Snyk’s first investor, it’s been incredibly rewarding to see the developer security market mature over the last several years”. Boldstart Ventures, in a statement. “As global enterprises across all industries digitally transform, Snyk is the only solution that equips developer and security teams to find and fix vulnerabilities throughout the entire development process.”
The Snyk Developer Security Platform is used by application developers and DevSecOps teams to secure software code, dependencies, containers and infrastructure as code, eliminating vulnerabilities and security risks from applications during the development process.
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