UK-headquartered cybersecurity technology developer Snyk secured $530m yesterday in a series F round featuring project management technology provider Atlassian, chemical and energy group Koch Industries and enterprise software provider Salesforce.
Asset manager Sands Capital and investment firm Tiger Global Management co-led the round, which included Accel, Addition, Alkeon, Baillie Gifford, funds managed by BlackRock, Boldstart Ventures, Canaan Partners, Coatue, Franklin Templeton, Geodesic Capital, Lone Pine Capital, T Rowe Price, Temasek and Whale Rock Capital Management.
Atlassian Ventures, Koch Strategic Platforms and Salesforce Ventures represented the corporates in the round, which valued Snyk at $8.5bn and which consisted of primary and secondary transactions including more than $300m in fresh capital.
Founded in 2015, Snyk has built a cloud-based IT security software tool, Developer Security Platform, which helps app developers create safer products. Some 1,200 organisations including Asurion, Google, Intuit, Revolut and Salesforce use the company’s platform and its total funding stands at $775m.
Internet technology conglomerate Alphabet’s GV unit had joined Atlassian Ventures and Salesforce Ventures to take part in a $300m primary and secondary series E round for Snyk in March this year at a $4.7bn post-money valuation.
The series E round was co-led by Accel and Tiger Global and also backed by Addition, Alkeon, Boldstart, Canaan, Coatue, Franklin Templeton, Geodesic Capital, Sands Capital Ventures, Stripes, Temasek and funds managed by BlackRock.
Addition had led a $200m series D round in September 2020 valuing the company at $2.6bn, following a $150m round led by Stripes that also featured Salesforce Ventures, Coatue, Tiger Global, Boldstart Ventures, Trend Forward and Amity eight months before.
Snyk closed the latter round at a $1bn valuation, doubling the figure disclosed in a $70m round co-led by GV, Accel and Boldstart Ventures in September 2019 .
The three had previously participated in the company’s $22m series B round in 2018, investing together with Heavybit and unspecified other backers at a $100m valuation. FundFire and Snyk CEO Peter McKay are also among its shareholders.
