DEVOPSdigest

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.

Snyk delivers 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.

"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."

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.

"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.