Boston-based developer security firm Snyk on Monday announced that it has raised $196.5 million in a Series G funding round, at a $7.4 billion valuation. To date, the company has raised over $1 billion.
The investment round was led by QIA (Qatar Investment Authority), with participation from Boldstart Ventures, Evolution Equity Partners, G Squared, Irving Investors, Sands Capital, and Tiger Global.
Founded in 2015, Snyk provides organizations with a platform that can be integrated into development tools, automation pipelines, and workflows to find and fix security defects in open source software, containers, and infrastructure as code.
Snyk says it helps over 2,300 customers secure the critical components of their applications and increase productivity and revenue. The company claims it has helped remediate more than 11.5 million security issues in 2022 alone.
Snyk plans to use the new funding to drive product innovation and expand its Developer Security Platform, including via strategic acquisitions.
“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%. 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,” Snyk CEO Peter McKay said.
Snyk became a cybersecurity unicorn in January 2020, with $250 million raised at the time.