Snyk, the London and Tel Aviv-founded cybersecurity firm, is understood to have undergone a fresh wave of job cuts, with sources saying over 100 workers have been axed. Snyk, which is now headquartered in Boston, helps companies ensure the software they write is up to scratch, safe, and not vulnerable to cyber attacks.
It was founded in 2015 by Guy Podjarny, a former Israeli cyber expert who became its first CEO, and Assaf Hefetz and Danny Grander. It was valued at $8.5bn in 2021 at the height of the VC bubble.
Snyk's latest round of job cuts is understood to have taken place in the past few weeks, and according to sources, between 110 and 130 roles have been axed. This figure has not been confirmed by Snyk. Jobs impacted include software engineers and product managers, sources say.
Several Snyk employees have taken to LinkedIn posting about their recent departures from Snyk, which has around 1,300 staff, with offices also in other European cities such as Bucharest as well as Singapore and Tokyo. Snyk, which is backed by Tiger Global and the Qatar Investment Authority, underwent two rounds of job cuts in 2022.
In 2022, Snyk raised $196.5 million in Series G funding led by Qatar Investment Authority, valuing it at $7.4bn, 12 per cent down from its 2021 funding round. Last month, Snyk acquired AI research firm Invariant Labs.
Snyk was not available for comment.
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