Software January 20, 2020
Developer-First Security: Our Investment in Snyk
As the world rapidly adopts software across all facets of life, growing cybersecurity threats are an unwanted side effect. Recent attacks have exposed hundreds of millions of consumers and caused hundreds of billions in damages.
For businesses to ensure application security while continuing to prioritize the speed and quality of their software development, they must enable developers to take on a larger role in the security effort. This rapidly growing trend, called shift-left security, encourages developers to proactively test and repair vulnerabilities in their code earlier in the software development life cycle instead of relying on under-resourced security teams to manage security solely post-deployment.
Snyk has been rapidly adopted in the developer community and is used by over 400,000 developers around the globe.
However, most traditional cybersecurity tools, which were not designed for modern software development practices, struggle to gain developer adoption because they hamper the development process and do not aid developers to detect exposures at their origin.
Snyk is purpose-built for modern software development practices with a platform that champions developer-first security. Snyk is designed to work seamlessly with existing developer workflows, integrating into git repositories, container images, and continuous integration pipelines and offering one-click fixes. As a result, Snyk has been rapidly adopted in the developer community and is used by over 400,000 developers around the globe.
Underpinning Snyk’s security solution is the leading proprietary vulnerability database, which is fueled by an in-house team of security experts, partnerships with leading cybersecurity institutions, integrations with public vulnerability databases, and threat intelligence from popular developer platforms. And Snyk’s engaged developer community, which identifies and contributes novel vulnerabilities in real-time, delivers powerful network effects that create a defensible data advantage that will compound over time.
Stripes Leads Snyk’s $150 million Series C Financing
We have full conviction that Snyk's ambitious mission – to be the leading developer-first security company – is well within reach. When we met Co-founder and President Guy Podjarny and CEO Peter McKay, we were immediately impressed by Snyk’s best of breed product, widespread developer traction, and explosive growth. We participated in Snyk’s Series B, led by Accel Partners, with the intent of supporting the business and monitoring its progress to later take on a larger role. Following Snyk’s standout performance on all fronts, we jumped at the opportunity to lead the Series C.
Like our investments in monday and Pleo, Snyk’s relentless focus on delivering the absolute best product drives bottoms-up adoption in businesses across industries, enabling a highly efficient sales motion. And most importantly, the Snyk team possesses experience, chemistry, and integrity. Both Guy and Peter are extraordinary entrepreneurs who have worked together to lead companies to outstanding outcomes – Guy is a visionary in the cybersecurity space and prior to founding Snyk in 2015, he was the Chief Architect at Watchfire, founded Blaze, and was CTO at Akamai. Peter was one of Snyk’s very first advisors and investors from the beginning. Before joining Snyk as CEO, Peter led multiple companies as CEO through hyper growth, including Watchfire, Desktone, and Veeam. He also served as Senior VP and General Manager for VMWare leading their Americas Sales organization.
We are ecstatic to welcome Snyk to the Stripes family and help empower developers to build what they love without compromising security.