Snyk secures $75m funding to accelerate growth plans - Business Leader News

Snyk secures $75m funding to accelerate growth plans

Snyk, a security developer firm, has announced $75m of funding from Atlassian Ventures and Salesforce Ventures as part of its recent Series F financing.

Snyk’s mission is to advance developer security by empowering millions of developers to build security into the development process early without sacrificing the speed their business requires to successfully compete. This pushes the company’s valuation to $8.6bn, and total capital raised to $850m with over 10% of these total funds directly coming from Atlassian Ventures and Salesforce Ventures.

Together with Snyk, Atlassian and Salesforce are focused on making it easier for the global developer population – an estimated 26.2 million in 2020, with the expectation to reach 43.2 million in 2025 – to find, fix and monitor vulnerabilities in their existing workflows through expanding product integrations.

“For Atlassian and Salesforce, this investment in Snyk is more than just capital,” said Peter McKay, CEO, Snyk. “Like Snyk, these two industry leaders are fiercely committed to empowering developers to embed security into the entire application. We are humbled by their true, long-term commitment to evolving the legacy security industry through a developer-led approach.”

Following Snyk’s integration with Bitbucket Cloud and Atlassian Open DevOps earlier this year, Snyk and Atlassian are committed to creating a seamless, high-velocity experience for developers to access and adopt Snyk across Bitbucket Cloud, Jira Software, Jira Service Management and Compass in the future. This embedded security experience will give developers the ability to protect their code from open source vulnerabilities as part of their daily workflow.

“The desire to do things differently inspires us, and Snyk is reinventing the way organizations think about security,” said Chris Hecht, Head of Corporate Development, Atlassian. “They are a vital part of our ecosystem, tightly integrated into our core products. We’re thrilled to further support their journey and together increase the millions of developers that benefit from their work.”

“As an early investor since the company’s Series B, we are excited to deepen our partnership and continue to support Snyk as the leader in developer security,” said Alex Kayyal, SVP & Managing Partner, Salesforce Ventures. “Snyk’s vision to empower developers to drive greater agility and digital transformation resonates, and we are excited to support them as both an investor and customer.”

This latest corporate development comes on the heels of the company’s announcement of $530m in Series F investment earlier this month.