Security startup Snyk raises big money at smaller valuation
- Dan Primack, author ofAxios Pro Rata
Illustration: Aïda Amer/Axios
Snyk, a Boston-based developer security company, said that it raised $196.5 million in Series G funding led by Qatar Investment Authority.
Why it matters: Because the company isn't shying away from the fact that this is a down round, as its $7.4 billion valuation is 12% lower than when Snyk raised money last fall.
- It's obviously not surprising given macro conditions, but this could be a sort of normalizing announcement for other unicorns.
Other investors include Evolution Equity Partners, G Squared, Irving Investors and insiders Boldstart Ventures, Sands Capital and Tiger Global.
More, per TechCrunch: "[CEO Peter McKay] sees that Snyk’s market around developer security remains fragmented, and he sees an opportunity to consolidate ... Most security startups either grow into a platform or they get absorbed by one, and Snyk apparently wants to be a platform player."