Dec 13, 2022 - Technology

Security startup Snyk raises big money at smaller valuation

Illustration of a lock over abstract images of ballots.

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."

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