Singapore-headquartered cybersecurity company Snyk announced raising a total of $300 million in its Series E funding round backed by state investor Temasek, giving the firm a post-money valuation of $4.7 billion.
US venture capital firms Accel and Tiger Global co-anchored the funding round that included both primary and secondary offerings. Existing investors Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formally Google Ventures), Salesforce Ventures, Stripes, and funds managed by BlackRock also participated in the round.
Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital, and Sands Capital Ventures came in as new investors, the startup announced.
Snyk said the Series E investment will allow it to further address the global demand for its Cloud Native Application Security Platform, which it claims is the only developer-first solution to provide security visibility and remediation for every critical component of modern applications.
To date, the company said its platform has enabled 2.2 million developers to build securely, with a vision to empower every modern developer in the world to develop fast and stay secure. It also works with global customers to empower developers to automatically integrate security throughout their existing workflows.
Snynk said there are an estimated 27 million software developers worldwide today and this number is expected to grow by 75 per cent in the upcoming decade.
“Our relentless focus on the experience of the 2.2 million developers building applications of all kinds securely with Snyk has resulted in our success to date, and we believe there is an exponential, generational opportunity still in front of us,” said the company’s CEO, Peter McKay.
With the fresh funding in its coffers, Snyk announced the hiring of chief marketing and customer experience officer Jeff Yoshimura; CIO Erica Geil; vice president, Asia Pacific Japan sales, Shaun McLagan; and the appointment of two new board members, Snowflake chief financial officer Michael Scarpelli and Accel partner Ping Li.