Snyk Secures ÂŁ196.5 Million to Enhance Developer Security
In a transformative leap for developer security, Snyk has secured a staggering $196.5 million in Series G funding, spearheaded by the prominent Qatar Investment Authority (QIA). This monumental investment not only underscores Snyk's pivotal role in enhancing digital security for developers but also highlights a burgeoning demand within the tech industry for innovative security solutions. With notable support from new investors like Evolution Equity Partners, G Squared, and Irving Investors, alongside stalwarts such as boldstart ventures, Sands Capital, and Tiger Global, Snyk is poised to revolutionize how enterprises manage their security needs.
Snyk's remarkable trajectory in 2022 exemplifies its leadership in the field, with a phenomenal 100% year-over-year revenue increase and net revenue retention exceeding 130%.
The CEO of Snyk, Peter McKay, emphasizes the critical necessity for businesses to enhance developer productivity while ensuring secure innovation. As the world faces challenging economic conditions, this funding will enable Snyk to further refine its Developer Security Platform, aiming to empower global enterprises in adopting DevSecOps practices seamlessly.
The funding will not only accelerate product innovation but also facilitate strategic acquisitions that align with Snyk's vision of transforming the application and cloud security landscapes. With over 2,300 clients in its portfolio—including giants like AB InBev and Salesforce—Snyk has adeptly helped its customers resolve over 5.1 million vulnerabilities just in the last year. Industry recognition, such as being included in CNBC’s 2022 Top Startups for the Enterprise and Forbes’ Cloud 100 List, further cements Snyk’s standing as the go-to solution in an evolving, complex security landscape. As Ed Sim from boldstart ventures highlights, the maturation of the developer security market is revolutionizing how teams across industries address vulnerabilities—and it’s clear Snyk is leading the charge.
Key Terms Explained
- Series G funding
- This is a stage of startup financing coming after Series F, typically a relatively late stage in a company's growth. It involves securing investments from venture capitalists or private equity firms, helping the startup continue its growth or reach specific targets.
- Year-over-year revenue increase
- This is a financial performance measure that compares growth or performance- in this case, revenue- in one year to that of a preceding year. It helps investors, founders, and stakeholders assess how well a company is growing over time.
- DevSecOps practices
- This refers to the integration of security into the DevOps process. DevOps is a philosophy which aims to unify software development (Dev) and software operations (Ops). DevSecOps aims to embed security in every part of the development process. It's meant to ensure robust and secure code and to enable faster reactions to security problems.
Frequently Asked Questions
- Who lead the Series G funding for Snyk?-The Series G funding for Snyk was spearheaded by the Qatar Investment Authority (QIA).
- How much did Snyk secure in its Series G funding?+
- Who are some of the new investors in Snyk?+
- What will the funding enable Snyk to do?+
- What achievement did Snyk garner in 2022?+
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