Boston, Doha, 13 December 2022: Qatar Investment Authority (QIA) led a $196.5 million Series G funding round in Snyk​​, the leader in developer security. The round also included participation from new investors Evolution Equity Partners, G Squared and Irving Investors as well as existing investors boldstart ventures, Sands Capital and Tiger Global. The funding underlines the company’s unique developer security approach as well as increasingly strong industry demand for this rapidly growing new market category.​

“In 2022, I’m proud that Snyk achieved a 100% year-over-year increase in revenue as well as net revenue retention of over 130%,” said Peter McKay, CEO, Snyk. “In this challenging macroeconomic environment, it is more critical than ever for global enterprises to increase their developer productivity and be able to continue their pace of innovation securely. In 2023, we look forward to leveraging this latest investment to continue enhancing our platform and help more global enterprises reap the benefits of DevSecOps.”

The investment will drive noteworthy product innovation, allowing the Snyk team to enhance and expand, both organically and inorganically via strategic acquisition, its industry leading Developer Security Platform. Snyk’s unique developer-first solutions will continue redefining the application security and cloud security markets, ensuring developers are empowered to fix issues where and ho​​​​w they work, while security teams have the visibility, developer awareness and governance required to drive DevSecOps success.

“QIA is delighted to lead this round to drive the further growth of Snyk, the established leader in developer security,” said Mansoor Ebrahim Al-Mahmoud, CEO, QIA. “We’re confident that Snyk’s proven approach positions the company for a successful future and is aligned with QIA’s track record of supporting innovative companies shaping the future of the global economy.”