LONDON and BOSTON, Jan. 21, 2020 /PRNewswire/ -- Developer-first security company Snyk has secured a $150 million investment, led by Stripes, a leading New York-based growth equity firm. This latest round follows a late 2019 fundraise of $70 million and increases Snyk's total investment to $250 million and the company's valuation to more than $1 billion. Snyk will use the new funding to accelerate product innovation, community growth and global expansion, bringing developer-first security to every digitally-driven organization, scaling application security to the pace of the cloud and DevOps era.
From financial services, to healthcare, to retail and manufacturing, today all modern businesses are becoming digitally-driven, software companies. Yet, as these organizations barrel towards their digital future using cloud technologies and DevOps practices, they are held back by legacy application security solutions and practices. These solutions put understaffed security teams in the critical path of delivering quality applications, resulting in insecure applications and negating the acceleration the business is seeking.
Snyk is tackling this growing challenge by delivering developer-first security to organizations, empowering development teams to own, automate and deliver secure applications, while giving security teams the governance and visibility they require. Snyk goes beyond shifting security left, offering continuous security and compliance from source code to production and back again.
"This investment accelerates Snyk's significant momentum in transforming the way application security is approached and delivered in software-driven enterprise organizations," said Peter McKay, Snyk CEO. "With rapid 2019 revenue and customer growth from both individual users and scaling development teams, we are seeing the market embrace developer-first application security to help tackle the increasing cybersecurity concerns that come with digital transformation."
Developer-first Security Accelerates Digital Transformation
Snyk integrates into the technologies and platforms that cloud application developers prefer, prioritizing the developer experience to encourage true adoption. This is reaffirmed by more than 400,000 developers who embrace it worldwide. Snyk also offers best of breed vulnerability intelligence, validated by the world's largest cloud, financial and security customers and partners. Combined, Snyk uniquely provides cloud-native application security solutions, including open source security, container security and more, that scale to achieve secure digital transformation.
"At Intuit, we move fast and efficiently, but we have to address security at every step," said David Aghassi, Senior Software Engineer, Intuit. "Using Snyk helps us monitor and fix open source dependencies and ensure we always have security integrated into our application development process. It has also enabled us to find issues between development teams that we previously never had insight to."
This funding brings Snyk's total capital raised to $250 million from leading investors including Stripes as well as Accel, Coatue, Tiger Global, Boldstart, GV, Canaan,Trend Forward, Amity and Salesforce Ventures. 2019 was an exceptional year for Snyk, driving more than 4X year-over-year revenue growth and securing some of its largest customer wins to date, including Google, Salesforce, Intuit and New Relic. Additionally, Forrester's Total Economic Impact study determined Snyk delivers 340% ROI within three months, an important factor for enterprise security teams looking to both scale and secure their application development processes. And, with its acquisition and expansion of the DevSecCon conference, Snyk has confirmed its commitment to developer-driven application security among the developer community.
"Investing in promising companies is always exciting, but it's especially thrilling to be part of a company that is making history," said Ken Fox, Founder and Partner at Stripes who will be joining Snyk's Board of Directors. "Snyk's unique product-led and mission-driven approach will turn the tide by empowering developers to be the first line of defense against growing cyber risk and helps businesses worldwide meet the digital needs of their customers. We look forward to partnering with the entire Snyk team to drive the next phase of the company's success in 2020 and beyond."
"At Salesforce, trust is our number one value, and we're delighted to support Snyk as they continue their accelerated growth and bring an increased focus on security to open source," said Alex Kayyal, Partner at Salesforce Ventures.
Snyk is a developer-first security company that helps software-driven businesses develop fast and stay secure. Snyk is the only solution that seamlessly and proactively finds and fixes vulnerabilities and license violations in open source dependencies and container images. Snyk's solution is built on a comprehensive, proprietary vulnerability database, maintained by an expert security research team in Israel and London. With tight integration into existing developer workflows, source control (including GitHub, Bitbucket, GitLab), and CI/CD pipelines, Snyk enables efficient security workflows and reduces mean-time-to-fix. For more information or to get started with Snyk for free today, visit https://snyk.io.
Stripes is a leading growth equity firm that brings a unique, entrepreneurial approach to investing in high-growth SaaS and Consumer businesses around the world. For over a decade, Stripes has partnered with market-defining companies to provide them with the support they need to accelerate growth and achieve their long-term vision. Stripes' mission is to have a culture, set of resources and expertise that provide entrepreneurs with an unparalleled advantage in markets that are evolving rapidly due to changes in technology and consumer behavior. For more information on Stripes, please visit https://www.stripes.co/.
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