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Snyk Closes $530 Million Series F Investment at $8.5 Billion Valuation
September 2021 by Marc Jacob
Snyk announced a $530 million Series F investment to accelerate the industry’s shift to developer security as organizations rapidly modernize their applications with security built into the entire software development life cycle. The transaction included both primary and secondary offerings with more than $300 million of new capital. The company has now raised a total of $775 million to date with a valuation of $8.5 billion post this round, more than tripling since the beginning of 2021.
The round was co-led by Sands Capital and Tiger Global, with participation from new investors Baillie Gifford, Koch Strategic Platforms, Lone Pine Capital, T. Rowe Price and Whale Rock Capital Management as well as existing investors Accel, Addition, Alkeon, Atlassian Ventures, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Salesforce Ventures and Temasek.
“This new investment, together with the rapid adoption of our platform and growing customer base, validates our developer security vision,” said Peter McKay, CEO, Snyk. “When security starts with the world’s expanding pool of developers - estimated to reach 45 million by 2030 - organizations of all sizes will be able to truly reap the rewards of digital transformation, while also making the world’s software safer.”
Supercharging Growth to Fight Cybercrime
Snyk has already achieved a number of significant milestones in 2021 following the company’s Series E financing and expansion into Asia Pacific Japan earlier this year. As the company transitions into this next pivotal phase of supercharged scale, it builds upon a strong foundation.
Notably, in 2021 thus far, Snyk has:
• Increased annual recurring revenue (ARR) by 154% year-over-year;
• Grown its customer base to more than 1,200 companies, from established enterprise leaders to emerging hypergrowth technology players;
• Hired and onboarded 320 employees with projections to end the year with 800+ employees worldwide;
• Delivered more than 40+ new product features; and,
• Successfully acquired FossID to expand license compliance and C/C++ capabilities.
The Future Is Developer Security
The world’s first developer security platform is already used by millions of developers and more than 1,200 customers worldwide, including Asurion, Google, Intuit, MongoDB, New Relic, Revolut and Salesforce. Snyk customers and users collectively have run more than 300 million tests in the last 12 months and fixed more than 30 million vulnerabilities in the last 90 days.
Snyk creates a seamless developer experience for security that embeds application and security intelligence in a SaaS platform with products that directly address both the needs of legacy as well as modern technology stacks, including open source, containers and infrastructure as code.
“Simply shifting left is no longer enough, and security now needs to be fully owned by developers so that they are equipped to address security issues in real time as they emerge,” said Guy Podjarny, Founder & President, Snyk. “Our approach makes security easy so that modern developers are set up for true success, securing what they build without having to become a security expert or slow down.”
The financing will continue to fuel Snyk’s product innovation and development, set to be revealed at the company’s free annual developer conference, SnykCon 2021, next month. The company plans to introduce new enhancements to its Developer Security Platform, new workflow integrations, improved functionality and new features at that time.
Adding Experienced Leadership
To help Snyk continue to execute on these ambitious growth plans, Snyk has bolstered its Leadership Team with the addition of Chief Revenue Officer, Dino DiMarino, who will join the company early next month.
A cybersecurity industry veteran, DiMarino most recently spent five years with Mimecast (NASDAQ), where he oversaw sales globally as Chief Revenue Officer. Prior to Mimemcast, DiMarino was Vice President of Sales for the Americas for RSA, The Security Division of EMC, effectively leading a team of over 250 people. In his new role with Snyk, DiMarino will focus on continued global expansion, advance the build out of priority go-to-market initiatives and further strengthen the company’s capabilities in the financial services and federal government verticals.
DiMarino is one of several new experienced leaders recently added to the Snyk team, following the hiring of Chief People Officer Adriana Bokel Herde earlier this month as well as Chief Marketing and Customer Experience Officer, Jeff Yoshimura, CIO Erica Geil and Vice President, Asia Pacific Japan (APJ) Sales, Shaun McLagan earlier this year. These leaders also join several new Board Members added in 2021, including Tamar Yehoshua (Chief Product Officer, Slack) and Michael Scarpelli (Chief Financial Officer, Snowflake).
