Snyk closes $196.5 million funding spherical


Developer safety firm Snyk right this moment introduced a $196.5 million Collection G funding. The spherical was led by Qatar Funding Authority with participation from new buyers Evolution Fairness Companions, G Squared, and Irving Buyers in addition to current buyers boldstart ventures, Sands Capital, and Tiger World. 

In response to the corporate, this comes after a yr of speedy buyer adoption for Snyk, with over 2,300 customers who’ve mounted greater than 5.2 million vulnerabilities over the past yr. 

Snyk has additionally launched profitable cross-portfolio deployments, with over 70% of customers at present leveraging Snyk’s Developer Safety platform. Snyk believes that this reveals a rise within the want to shift from legacy approaches and the hardships of managing a number of safety distributors.

“In 2022, I’m proud that Snyk achieved a 100% year-over-year enhance in income in addition to web income retention of over 130%,” mentioned Peter McKay, CEO of Snyk. “On this difficult macroeconomic setting, it’s extra vital than ever for world enterprises to extend their developer productiveness and be capable to proceed their tempo of innovation securely. In 2023, we look ahead to leveraging this newest funding to proceed enhancing our platform and assist extra world enterprises reap the advantages of DevSecOps.”

In 2022, the corporate additionally executed the SnykLaunch occasion, revealing Snyk Cloud GA together with new provide chain safety capabilities and higher reporting options. Lastly, Snyk helped person remediation of greater than 11.5 million safety dangers over the past yr. 

In response to the corporate, this newest inflow of funding will serve to drive extra product innovation, enabling the workforce at Snyk to develop each organically and inorganically via strategic acquisition.

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