Investment Reflects Company’s Current Financial Strength and Will Drive Continued Efficient Growth and Product Innovation in 2023 and Beyond
BOSTON, Dec. 12, 2022 (GLOBE NEWSWIRE) — Snyk, the leader in developer security, today announced a $196.5 million Series G investment, further validating the company’s unique developer security approach as well as increasingly strong industry demand for this rapidly growing new market category. The round was led by QIA (Qatar Investment Authority) and included participation from new investors Evolution Equity Partners, G Squared and Irving Investors as well as existing investors boldstart ventures, Sands Capital and Tiger Global.
“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, 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.”
This year’s business highlights include:
- Rapid customer adoption with more than 2,300 customers including: AB InBev, Comcast, Dun & Bradstreet, Manulife and Salesforce. Snyk’s inaugural customer value report noted these customers recognized security spend consolidation, massive developer productivity gains and meaningful risk reduction. In the past year, Snyk customers fixed more than 5.1 million vulnerabilities.
- Successful cross-portfolio deployments, with over 70% of current customers now leveraging multiple elements of Snyk’s Developer Security Platform, revealing an increased desire to move away from legacy approaches and the complexities of managing multiple security vendors.
- Execution of the inaugural SnykLaunch event, announcing Snyk Cloud GA (via Fugue acquisition) as well as new supply chain security capabilities and enhanced reporting features.
- Snyk-aided user remediation of over 11.5 million security issues in 2022 as a result of Snyk’s comprehensive vulnerability data and developer-centric security journey.
- Significant Industry recognition: CNBC’s 2022 Top Startups for the Enterprise, Forbes Cloud 100 List (#20) and 2022 Gartner Peer Insights Customers’ Choice for Application Security Testing.
The funding provides even more fuel for Snyk’s continued efficient growth in 2023. The investment will drive noteworthy product innovation, allowing the Snyk team to enhance and expand, both organically and inorganically via strategic acquisition, its industry leading Developer Security Platform. Snyk’s unique developer-first solutions will continue redefining the application security and cloud security markets, ensuring developers are empowered to fix issues where and how they work, while security teams have the visibility, developer awareness and governance required to drive DevSecOps success.
“As Snyk’s first investor, it’s been incredibly rewarding to see the developer security market mature over the last several years,” said Ed Sim, Founder and General Partner, boldstart ventures. “As global enterprises across all industries digitally transform, Snyk is the only solution that equips developer and security teams to find and fix vulnerabilities throughout the entire development process.”
“QIA is delighted to lead this round to drive the further growth of Snyk, the established leader in developer security,” said Mansoor Ebrahim Al-Mahmoud, CEO, QIA. “We’re confident that Snyk’s proven approach and offerings, efficient financial growth and seasoned executive team position the company for a successful future and is aligned with QIA’s track record of supporting innovative companies shaping the future of the global economy.”
About Snyk
Snyk is the leader in developer security. Loved by developers and trusted by security teams, we empower the world’s developers to build secure applications and equip security teams to meet the demands of the digital world. Our developer-first approach ensures organizations can secure all of the critical components of their applications from code to cloud, leading to increased developer productivity, revenue growth, customer satisfaction, cost savings and an overall improved security posture. Snyk’s Developer Security Platform automatically integrates with a developer’s workflow and is purpose-built for security teams to collaborate with their development teams. Snyk is used by 2,300+ customers worldwide today, including industry leaders such as Asurion, Google, Intuit, MongoDB, New Relic, Revolut and Salesforce.
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