Snyk raises $200m in Series D funding led by Addition to modernise the security industry.
Addition led the Series D financing round to support developer-first security initiatives.
Snyk provides a developer security platform that helps enterprises find and fix software vulnerabilities. The firm operates globally to integrate security into the development process.
Developer security platform Snyk has secured £153.8m in a Series D funding round led by Addition. The fresh capital follows previous fundraising earlier in the year, bringing the firm total investment to date to $450m and valuing the business at over $2.6bn.
Snyk intends to use the latest funds to meet heightened demand driven by accelerated digital transformation during the pandemic. The company aims to provide development teams with enhanced security intelligence, automated workflows, and greater visibility to mitigate software risks.
The business has experienced rapid expansion, growing revenue by 275 percent and doubling its headcount over the past year. It has also established partnerships with major technology players including Atlassian, Docker, Red Hat, Trend Micro, and Rapid7.
Use of funds
- 01Continue product development
- 02Scale operations
