From code to cloud, developer security platform Snyk has raised a mammoth $530 million in a Series F investment round co-led by Sands Capital and Tiger Global. The half a billion+ in new funds will be used to continue Snyk’s product development and innovations. To date, the firm has raised $775 million and with this round has a valuation of $8.5 billion, a figure which has tripled since the beginning of the year.
Synk is in use by millions of developers around the globe via more than 1,200 corporate customers including Asurion, Google, Intuit, MongoDB, New Relic, Revolut, and Salesforce. Collectively, these customers have run more than 300 million tests over the past year, and patched over 30 million security flaws in just the past 90 days alone.
The platform addresses both new and legacy technology stacks, providing developers with a mechanism to test and secure applications from code to cloud, culminating in increased productivity, revenue growth, and improved end-customer satisfaction and security.
Increasing its annual recurring revenue by 154% year-over-year, it’s easy to see why investors are clamouring to get on board with the six-year-old company as it reaches a pivotal moment in its growth phase.
Snyk’s Series F round was co-led by Sands Capital and Tiger Global, and saw participation from new investors Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price, and Whale Rock Capital Management. Existing investors Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures, and Temasek all continued their support.
“This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision,” commented CEO Peter McKay. “When security starts with the world’s expanding pool of developers – estimated to reach 45 million by 2030 – organizations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world’s software safer.”