Funding round
Snyk Series E
Snyk, which works in AI-Driven security platform development in Boston, raised $300M in a Series E round announced on 10 Mar 2021, led by Accel and Tiger Global, at a $4.70B post-money valuation. 16 firms took part, 10 of them already investors. It is Snyk's seventh venture round on record; the one before was a Series D in Sep 2020.
$300M
Amount raised
$4.70B
Post-money valuation
$4.40B pre-money
16
Investors
2 leads
1.8x
Step-up from the Series D
$2.60B in Sep 2020
6.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Snyk at $4.70B after the new money, 1.8 times the $2.60B of its Series D (Sep 2020). The $300M bought investors about 6.4% of the company. It came 6 months after Snyk's Series D. It is 20% of the $1.48B Snyk has raised in the venture rounds on record. Snyk raised again 6 months later: a Series F round of $530M in Sep 2021, at $8.50B post-money.
Snyk's funding rounds
Snyk has 9 venture rounds on record. This one is highlighted.
- Seed 1 Jan 2016 $3.0M
- Series A 6 Mar 2018, led by Boldstart Ventures and Canaan $7.0M
- Series B 25 Sep 2018, led by Accel $22M
- Growth 10 Sep 2019, led by Accel $70M
- Growth 21 Jan 2020, led by Stripes $150M$1.00B post-money
- Series D 9 Sep 2020, led by Addition $200M$2.60B post-money
- Series E this round 10 Mar 2021, led by Accel and Tiger Global $300M$4.70B post-money
- Series F 9 Sep 2021, led by Sands Capital and Tiger Global $530M$8.50B post-money
- Series G 13 Dec 2022, led by Qatar Investment Authority $197M$7.40B post-money
Investors
Who put money in
Accel and Tiger Global led the round with 14 other firms. Accel, Tiger Global, Addition and Boldstart Ventures and 6 more had backed Snyk before.
Lead investors
- Accel backs 581 venture-backed companies existing investor
- Tiger Global backs 391 venture-backed companies existing investor
Also in the round
- Addition existing investor
- backs 55 venture-backed companies existing investor
- backs 169 venture-backed companies existing investor
- Coatue backs 229 venture-backed companies existing investor
- GV backs 428 venture-backed companies existing investor
- Salesforce Ventures backs 314 venture-backed companies existing investor
- Stripes backs 101 venture-backed companies existing investor
- BlackRock existing investor
- Alkeon backs 51 venture-backed companies new investor
- Atlassian Ventures new investor
- Franklin Templeton new investor
- Geodesic Capital backs 45 venture-backed companies new investor
- Sands Capital backs 71 venture-backed companies new investor
- Temasek backs 195 venture-backed companies new investor
Joined the board: Michael Scarpelli (Snowflake) and Ping Li (Accel).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
120 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $130M, and this round was 2.3 times the median. The closest in time, other companies' Series E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Attentive Tech Companies | 9 Mar 2021 | $470M | $7.00B | not named |
| Tech Companies | 16 Mar 2021 | $300M | $1.00B | SoftBank Vision Fund and Tencent Investment |
| Tech Companies | 15 Mar 2021 | $270M | $5.77B | Greenoaks |
| Tech Companies | 22 Mar 2021 | $220M | $3.30B | Tiger Global |
| Tech Companies | 18 Mar 2021 | $180M | $1.00B | Silver Lake Waterman and T. Rowe Price Associates, Inc. |
| Tech Companies | 22 Mar 2021 | $153M | $1.00B | OMERS Private Equity and Kaiser Permanente Group Trust |
| Clari Tech Companies | 3 Mar 2021 | $150M | $1.60B | Silver Lake |
| Tech Companies | 23 Mar 2021 | $60M | $1.00B | Tiger Global |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Snyk raise in its Series E round?
Snyk raised $300M in its Series E round, announced in Mar 2021.
Who led Snyk's Series E round?
Accel and Tiger Global led it, with Addition, Boldstart Ventures, Canaan, Coatue and GV and 9 more.
What was Snyk's valuation at the Series E round?
$4.70B post-money ($4.40B pre-money).
How does it compare with other Series E rounds in Tech Companies?
120 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $130M, and this round was 2.3 times the median.
Did Snyk raise again after this round?
Yes: a Series F round in Sep 2021 of $530M at $8.50B post-money.