"Reuters" reported that in addition to the fresh capital raised, investors paid $230 million to buy existing shares in the Israeli-founded cloud native application security company.
Israeli cloud native application security company Snyk has announced the completion of a $300 million financing round co-led by Sands Capital Ventures and Tiger Global at a company valuation of $8.5 billion. As far as is known, this is the second highest valuation ever achieved by an Israeli founded startup in a financing round, after the $8.75 billion valuation of fintech company Rapyd. In third place is business intelligence company Gong, which raised funds at a valuation of $7.25 billion.
Snyk has raised $950 million since the start of 2020 including $300 million in March at a company valuation of $4.7 billion. At the start of 2020 when Snyk raised money it was worth 'only' $1 billion. "Reuters" reported that in addition to the fresh capital raised, investors paid $230 million to buy existing shares of the company. The new funds will be used for product development and to improve its technology, the company said.
The company was founded in 2015 by Guy Podjarny, Assaf Hefetz and Danny Grander - all graduates of the Israel Defense Forces 8200 intelligence unit. In July 2019, Snyk appointed Peter McKay as CEO, an investor who has been involved with Snyk since its inception and an old friend of Podjarny.
Snyk has developed a cloud native application security platform which is a developer-first solution to provide security visibility and remediation for every critical component of modern applications, including the application code, open source libraries, container infrastructure and infrastructure as code.
Snyk is headquartered in Boston with its development center in Tel Aviv and offices in London, Ottawa, and Zurich.