Israeli Cybersecurity Unicorn Raises $196.5M

Snyk, an Israeli cybersecurity startup that identifies security breaches while applications are in development, has raised $196.5 million in a new funding round.

The company, founded in 2015, is currently valued at over $7 billion, according to Globes.

The financing round was led by the Qatar Investment Authority with participation from new investors Evolution Equity Partners, G Squared and Irving Investors as well as existing investors Boldstart Ventures, Sands Capital and Tiger Global.

It helps software developers and companies integrate security solutions into their workflows as they are building applications from code to cloud to protect them against sophisticated cyber attacks.

Its platform automatically integrates with developers’ workflow, who can use it to collaborate easily with security teams. 

The company, which achieved unicorn status in 2020 (a valuation of over $1 billion), has said that rapid customer adoption has brought it more than 2,300 customers including Google, Shutterstock, and Bosch.

“In 2022, I’m proud that Snyk achieved a 100 per cent year-over-year increase in revenue as well as net revenue retention of over 130 per cent,” said Peter McKay, CEO of the company.

“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 (development, security, and operations).”

Ed Sim, Founder and General Partner at Boldstart Ventures, one of its existing investors, said: “As Snyk’s first investor, it’s been incredibly rewarding to see the developer security market mature over the last several years.

“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.”

Snyk was founded by Israeli entrepreneurs Guy Podjarny, Assaf Hefetz, and Danny Grander, and is based in Tel Aviv.

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