Israeli-Founded Open Source Security Firm Snyk Raises $150M At $1B Valuation

Israeli-founded cybersecurity company Snyk, which provides security solutions for vulnerabilities in open source libraries, announced on Tuesday the closure of a $150 million investment “to bring a new approach to application security.”

The round was led by New York-based private equity firm Stripes, with participation from Salesforce Ventures, Tiger Global, BoldStart, Coatue, Trend Forward, and Amity. It comes four months after Snyk raised $70 million in an investment round led by VC firm Accel. A company spokesperson told VentureBeat that the company is now valued at more than $1 billion.

Founded in 2015 by Guy Podjarny, Assaf Hefetz, and Danny Grander, Snyk helps companies and developers find vulnerabilities in their open-source code and stay secure. Major clients include Google, Microsoft, Salesforce, and Adobe.

Snyk CEO Peter McKay wrote in a post that the new funding will help the London-based company “achieve even faster product innovation, deeper expansion into EMEA [Europe, Mideast, Africa] and APJ [Asia-Pacific], and broader, impactful support of the DevSecOps community.”

“At Snyk we are laser-focused on offering a developer-first approach to security, enabling security to scale because the development teams become self-sufficient, as they already are with other aspects of DevOps, easily embedding security into their continuous development process and tools,” McKay wrote. They no longer have to wait for anyone to give them the green light to keep moving fast. Developer-first security supports and integrates into the technologies that cloud application developers prefer, prioritizing the developer experience and overall business efficiency.”