Software September 29, 2020

Cloud Startups Ride Wave of Pandemic-Fueled Investments

Written By

The Wall Street Journal

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Stripes portfolio company Snyk was recently featured in this excerpt from The Wall Street Journal for their growth during the pandemic.

"Cloud-computing funding deals world-wide reached a three-year high of 97 during the second quarter, up from 76 during the same period in 2019, according to market intelligence firm CB Insights. Investors poured almost $3 billion into those startup deals between April and June.

“A lot of large companies have used this point in time to move more into the cloud and [become] forward-looking, and [Snyk has] benefited from that in a big way” said Ken Fox, founder of New York-based growth equity firm Stripes.

Stripes is an investor in application security company Snyk Inc., which raised $200 million in venture funding earlier this month. The five-year-old company makes it easier for software developers to build security into their cloud-based applications so they can be built and deployed faster while lessening the burden on security teams."

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