Startups & Tech

Cybersecurity firm Snyk raises US$300m in Series E round; Temasek joins as new investor

Published Thu, Mar 11, 2021 · 10:32 AM

CYBERSECURITY firm, Snyk, has raised US$300 million in its Series E funding, with new partners this round including Temasek Holdings.

Temasek joins the company with several other new investors including Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital and Sands Capital Ventures, in the new round of funding led by venture capital firms Accel and Tiger Global.

Having raised a total of US$470 million to date, Snyk's valuation now stands at US$4.7 billion, four times its value at the start of 2020.

Separately, the firm has hired a new vice-president - Singapore-based Shaun McLagan - to build its Asia-Pacific and Japan sales team, as part of its newly announced plans to expand into the region. Michael Scarpelli, chief financial officer at Snowflake; and Li Ping, an Accel partner, will join as members of the company's board of directors.

"Our relentless focus on the experience of the 2.2 million developers building applications of all kinds securely with Snyk has resulted in our success to date, and we believe there is an exponential, generational opportunity still in front of us," said Peter McKay, Snyk's chief executive officer.

"This latest investment allows us to accelerate our growth at every level - doubling down on our successful product-led growth strategy, adding to our customer roster, recruiting talent to our team worldwide and expanding geographically."