US-based cybersecurity software developer Snyk completed a $300m series E round yesterday that included internet technology group Alphabet, project management software producer Atlassian and enterprise software provider Salesforce.
Accel and Tiger Global Management co-led the round, which also featured Addition, Boldstart Ventures, Canaan Partners, Coatue, Stripes, Alkeon, Franklin Templeton, Geodesic Capital, Sands Capital Ventures, Temasek and funds managed by BlackRock.
The corporates participated through investment vehicles GV, Atlassian Ventures and Salesforce Ventures respectively. The round valued the company at $4.7bn post-money and included primary and secondary investments.
Snyk provides cloud-native security software for application developers and has a user base of some 2.2 million developers. It said the round brought its overall funding to $470m.
Peter McKay, Snyk’s chief executive, said: “This latest investment allows us to accelerate our growth at every level – doubling down on our successful product led growth strategy, adding to our customer roster, recruiting talent to our team worldwide and expanding geographically.”
Investment firm Addition led the company’s $200m series D round in September 2020 at a $2.6bn valuation, eight months after it completed a $150m round led by Stripes and backed by Salesforce Ventures, Coatue, Tiger Global, Boldstart Ventures, Trend Forward and Amity.
The January round valued Snyk at $1bn, double the valuation at which it secured $70m in a September 2019 round co-led by GV, Accel and Boldstart Ventures.
All three had already contributed to a $22m series B round in 2018 alongside Heavybit and unnamed others at a reported $100m valuation. The company’s earlier investors include Boldstart, Canaan Partners, Heavybit, FundFire and Peter McKay.
