Container Security Vendor Snyk Secures $70 Million in Funding

September 19, 2019

Snyk, a London-based container security software vendor, has received $70 million in Series C funding. 

Snyk is a container-focused vulnerability management tool designed to analyze open-source code capable of discovering and remediating vulnerabilities in Docker images. It integrates with the company's own proprietary vulnerability database to proactively analyze Docker images and open-source software for vulnerabilities and license violations.

Snyk part of an emerging market of container security market solutions designed to secure applications developed using containers, a lightweight alternative to virtual machines that are ideal for DevOps teams. As a result of the expanding DevOps adoption, the market is expected to grow from $568 million in 2019 to a whopping $2.17 billion over the next five years. 

Snyk’s most recent funding round was led by by Accel Partners alongside investors GV and Boldstart Ventures. This brings the company's total funding to $102 million since launching in 2015.

Less than one year ago, all three investors, along with Heavybit, participated in Snyk’s Series B round of $22 million. Accel has funded dozens of security software vendors including Crowdstrike, Sumo Logic, and Webroot.

“The strength of Snyk’s customer base, rapidly growing free user community, leadership team and innovative product development prove the company is ready for this next exciting phase of growth and execution,” Matt Weigand of Accel said in a statement.

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*Disclosure: Accel participated in G2’s Series C funding round.