Developer security company Snyk today announced a $196.5 million Series G investment. The round was led by 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.
According to the company, this comes after a year of rapid customer adoption for Snyk, with over 2,300 users who have fixed more than 5.2 million vulnerabilities over the last year.
Snyk has also released successful cross-portfolio deployments, with over 70% of users currently leveraging Snyk’s Developer Security platform. Snyk believes that this reveals an increase in the desire to shift from legacy approaches and the hardships of managing several security vendors.
“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.”
In 2022, the company also executed the SnykLaunch event, revealing Snyk Cloud GA along with new supply chain security capabilities and better reporting features. Lastly, Snyk helped user remediation of more than 11.5 million security risks over the last year.
According to the company, this latest influx of funding will serve to drive more product innovation, enabling the team at Snyk to grow both organically and inorganically through strategic acquisition.
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