Synk, a Boston, Massachusetts-based developer security company that helps developers build applications more securely, announced that it raised $196.5 million in Series G funding at a $7.4 billion valuation.
The round was led by QIA (Qatar Investment Authority), with participation from new investors Evolution Equity Partners, G Squared, and Irving Investors as well as existing investors boldstart ventures, Sands Capital and Tiger Global.
The funding provides even more fuel for Snyk’s continued efficient growth in 2023. The investment will drive noteworthy product innovation, allowing the Snyk team to enhance and expand, both organically and inorganically via strategic acquisitions, its industry-leading Developer Security Platform.
“In 2022, I’m proud that Snyk achieved a 100% year-over-year increase in revenue as well as net revenue retention of over 130%,” said Peter McKay, CEO of Snyk. “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. In 2023, we look forward to leveraging this latest investment to continue enhancing our platform and help more global enterprises reap the benefits of DevSecOps.”
Snyk’s unique developer-first solutions will continue redefining the application security and cloud security markets, ensuring developers are empowered to fix issues where and how they work, while security teams have the visibility, developer awareness, and governance required to drive DevSecOps success.
Company: Snyk Limited
Round: Series G
Funding Month: December 2022
Lead Investors: QIA (Qatar Investment Authority)
Additional Investors: Evolution Equity Partners, G Squared, Irving Investors, boldstart ventures, Sands Capital and Tiger Global
Company Website: https://snyk.io/
Software Category: Developer Security platform
About the Company: Snyk is a developer security platform for securing custom code, open-source dependencies, containers, and cloud infrastructure, all from a single platform. Integrating directly into development tools, workflows, and automation pipelines, Snyk makes it easy for teams to find, prioritize, and fix security vulnerabilities in code, dependencies, containers, and infrastructure as code. Synk solutions enable modern applications to be built securely, empowering developers to own and build security for the whole application, from code and open source to containers and cloud infrastructure. Supported by industry-leading application and security intelligence, Snyk puts security expertise in any developer's toolkit.