Snyk closes $196.5 million funding spherical

Developer safety firm Snyk at this time introduced a $196.5 million Collection G funding. The spherical was led by Qatar Funding Authority with participation from new buyers Evolution Fairness Companions, G Squared, and Irving Traders in addition to present buyers boldstart ventures, Sands Capital, and Tiger World. 

In response to the corporate, this comes after a 12 months of fast buyer adoption for Snyk, with over 2,300 customers who’ve mounted greater than 5.2 million vulnerabilities during the last 12 months. 

Snyk has additionally launched profitable cross-portfolio deployments, with over 70% of customers presently leveraging Snyk’s Developer Safety platform. Snyk believes that this reveals a rise within the need to shift from legacy approaches and the hardships of managing a number of safety distributors.

“In 2022, I’m proud that Snyk achieved a 100% year-over-year improve in income in addition to web income retention of over 130%,” stated Peter McKay, CEO of Snyk. “On this difficult macroeconomic setting, it’s extra essential than ever for world enterprises to extend their developer productiveness and have the ability to proceed their tempo of innovation securely. In 2023, we stay up for leveraging this newest funding to proceed enhancing our platform and assist extra world enterprises reap the advantages of DevSecOps.”

In 2022, the corporate additionally executed the SnykLaunch occasion, revealing Snyk Cloud GA together with new provide chain safety capabilities and higher reporting options. Lastly, Snyk helped person remediation of greater than 11.5 million safety dangers during the last 12 months. 

In response to the corporate, this newest inflow of funding will serve to drive extra product innovation, enabling the workforce at Snyk to develop each organically and inorganically by means of strategic acquisition.

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