Open Source Security startup Snyk raised $70m in funding round
Cybersecurity firm Snyk has announced that it has raised $70m in funding, led by Accel and existing investors GV and Boldstart Ventures.
The London-based start-up company revealed that the new funding will be used to fuel the company’s growth plans that include further product development expanding global resources and community investment to bring its security solutions to even more development teams and enterprise organisations.
The company added that it has partnered with great investors such as Accel, and GV.
“Accel has a long history in the security market and we believe Snyk is bringing a truly unique, developer-first approach to security in the enterprise,” said Matt Weigand, Accel.
“The strength of Snyk’s customer base, rapidly growing free user community, leadership team and innovative product development prove the company is ready for this next exciting phase of growth and execution.”
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The London based company also has offices in Tel Aviv, Israel, Boston and Canada, and its total amount raised to date is $102m.
“Snyk was founded on the belief that developers will embrace security given the right solution. Four years later, we’ve seen that vision become reality, with hundreds of thousands of developers using our solutions to secure their containers and applications,” the company said in a statement.
Snyk has reached a number of milestones since the last round of funding. Its global user community has expanded to more than 300,000 developers worldwide, and Snyk’s customer base grew by 200% in 2019, according to the company.
“Snyk couldn’t have achieved these milestones without an amazing and dedicated global team who work every day to further Snyk’s success and help transform the security industry by empowering devs to build better, safer software,” said the company.
“We are also grateful to our engaged and supportive customers, from our early adopters to leading enterprise customers, we thank you for your continued partnership and we commit to continuing to make Snyk better everyday with your help and feedback.”
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