Temasek joins $300m series E round in cloud-security unicorn Snyk

Snyk, a cloud-native application security company based in the US, said it has closed US$300 million in a series E round led by Accel and Tiger Global.

Photo credit: Snyk

Existing investors Addition, Boldstart Ventures, Canaan Partners, Coatue, GV (formally Google Ventures), Salesforce Ventures, Stripes, and funds managed by BlackRock also chipped in, along with new investors Temasek, Alkeon, Atlassian Ventures, Franklin Templeton, Geodesic Capital, and Sands Capital Ventures.

The investment consisted of both primary and secondary offerings and resulted in US$175 million of new capital for the business. The company has now raised a total of US$470 million to date, with a valuation of US$4.7 billion, according to a statement.

Founded in 2015, Snyk offers a platform that helps software-driven businesses enhance developer security. It currently has strategic partners such as AWS, Datadog, Docker, Dynatrace, IBM Cloud, Rapid7, Red Hat, and Trend Micro.

The company will use the new capital to double down on its product development, grow its customer base, and hire talent. It is also looking to expand in the Asia Pacific market, including Singapore, India, Japan, Korea, Australia, and New Zealand, said Snyk CEO Peter McKay.

Additionally, the company announced the hiring of chief marketing and customer experience officer Jeff Yoshimura, chief information officer Erica Geil, and Shaun McLagan, vice president of sales for Asia Pacific and Japan. It also named two new board members: Snowflake chief financial officer Michael Scarpelli and Accel Partner’s Ping Li.

Yoshimura will lead the community, marketing, customer success, and services teams while Geil will help the company create a united technical and security vision and strategy. Meanwhile, McLagan will be responsible for the firm’s expansion and growth in Asia Pacific and will build out its go-to-market teams across the region.