Cybersecurity co Snyk raises $300m at $8.5b valuation
"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 highest valuation ever achieved by an Israeli
founded startup in a financing round, exceeding the $7.2 billion valuation of
business intelligence company Gong.
The company has raised $950 million since the start of 2020
including $300 million in March at a company valuation of $4.7 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.
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