Cybersecurity company Snyk attracts $200M
Israeli-founded cybersecurity startup Snyk has closed a $200 million Series D financing round on a valuation of $2.6 billion. The US early-stage VC fund Addition led the round. The company has raised $450 million since it was founded in 2015 with $350 million only in 2020, writes Globes.
Snyk is a developer-first security company that helps organizations use open source code and stay secure. The company provides a cybersecurity tool that is used by developers to scan their code for vulnerable open-source components. Snyk’s tool flags exploits and gives developers tips on how to fix them.
Snyk headquartered in London and has offices in Tel Aviv and New York. According to the company, it currently has 375 employees, with plans to hire 100 more during the next year. Besides, Snyk says that 1.5 million already use the service, while there were 400,000 in January.
“This latest investment will help us to better meet the unique challenges of our time. As the pandemic fuels the dramatic acceleration of digital transformation projects globally, it’s crucial that we continue to provide very busy development teams with security intelligence, automated workflows, and visibility that will help mitigate their risks faster and more easily,” Peter McKay, the CEO of Snyk, claims.