From: RegTech Analyst
Having joined the unicorn club earlier this year, cybersecurity venture Snyk has added another $200m to its coffers in a new funding round.
Addition, a firm focused on supporting visionary entrepreneurs, led the capital injection that saw the grand total invested into Snyk to date rise to $450m and its valuation jump to $2.6bn.
“Despite one of the most challenging and unexpected years in all of our lifetimes, all of Snyk – our employees, our business partners, and our loyal customers – have come together to drive our mission forward: to modernise the security industry by empowering developers to integrate security into the complete software development lifecycle,” said Peter McKay, CEO of Snyk.
“This developer-first approach ensures that software-driven organizations big and small can continue to develop applications quickly and stay secure. And, we don’t intend to slow down now!”
He added that Snyk will use the new cash injection to keep providing “very busy development teams with security intelligence, automated workflows, and visibility that will help mitigate their risks faster and more easily. ”
The news about the investment round comes after a year that has seen Snyk grow its revenue by 275% and increased its headcount by 100%. The company currently has 375 employees with plans to add 100 more in the next year.
McKay also highlighted the many “new and significant partnerships with industry leaders such as Atlassian, Docker, Red Hat, Trend Micro, and Rapid7” that the company has forged over the last year.
The funding round follows from a $150m investment announced in January, which saw Snyk’s valuation climb past the $1bn valuation mark, cementing it into the unicorn club.
That round was led by growth equity firm Stripes and, in turn, came just months after Snyk closed a $70m investment. To date, Snyk’s investors include Accel, Coatue, Tiger Global, Boldstart, GV, Canaan,Trend Forward, Amity and Salesforce Ventures.
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