Snyk Closes $196.5 Million Series G Funding at $7.4 Billion Valuation


December 12, 2022

Investment Reflects Company's Current Financial Strength and Will Drive Continued Efficient Growth and Product Innovation in 2023 and Beyond

Boston - December 13, 2022 - Snyk, the leader in developer security, today announced a $196.5 million Series G investment, further validating the company's unique developer security approach as well as increasingly strong industry demand for this rapidly growing new market category. The round was led by QIA (Qatar Investment Authority) and included participation from new investors Evolution Equity Partners, G Squared and Irving Investors as well as existing investors boldstart ventures, Sands Capital and Tiger Global.

"In 2022, I'm proud that Snyk achieved a 100% year-over-year increase in revenue as well as net revenue retention of over 130%," said Peter McKay, CEO, Snyk. "In this challenging macroeconomic environment, it is more critical than ever for global enterprises to increase their developer productivity and be able to continue their pace of innovation securely. In 2023, we look forward to leveraging this latest investment to continue enhancing our platform and help more global enterprises reap the benefits of DevSecOps."

This year's business highlights include:

The funding provides even more fuel for Snyk's continued efficient growth in 2023. The investment will drive noteworthy product innovation, allowing the Snyk team to enhance and expand, both organically and inorganically via strategic acquisition, its industry leading Developer Security Platform. Snyk's unique developer-first solutions will continue redefining the application security and cloud security markets, ensuring developers are empowered to fix issues where and how they work, while security teams have the visibility, developer awareness and governance required to drive DevSecOps success. 

"As Snyk's first investor, it's been incredibly rewarding to see the developer security market mature over the last several years," said Ed Sim, Founder and General Partner, boldstart ventures. "As global enterprises across all industries digitally transform, Snyk is the only solution that equips developer and security teams to find and fix vulnerabilities throughout the entire development process."

"QIA is delighted to lead this round to drive the further growth of Snyk, the established leader in developer security," said Mansoor Ebrahim Al-Mahmoud, CEO, QIA. "We're confident that Snyk's proven approach and offerings, efficient financial growth and seasoned executive team position the company for a successful future and is aligned with QIA's track record of supporting innovative companies shaping the future of the global economy."

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