Accel leads $70m round for Snyk

Accel is currently investing from its Accel London VI fund, which closed on $575m in May 2019.

Existing, US-based investors GV and Boldstart Ventures also participated in the fundraise.

The fresh capital will be used to fund product development and expand its user community.

In 2019, the company's revenue growth has exceeded 400%, according to a statement. In July 2019, it also acquired DevSecCon and one of the company's first investors, Peter McKay, joined the company as CEO.

Previous funding
Boldstart, via Boldstart Ventures III, and Canaan Partners provided $3m in seed funding to Snyk in 2016.

Boldstart and Canaan returned for a $7m series-A round for the firm in March 2018. Additional investors included Heavybit, FundFire and Peter McKay, among others.

Accel led a $22m series-B for the company in 2018, with participation from GV, Boldstart and Heavybit.

Company
Snyk develops products that allow software developers and enterprise security firms to find and fix vulnerable dependencies when using open source software. Founded in 2015 and based in London, the company employs 80 people. The company operates offices in Tel Aviv, Boston and Ottawa.

People
Accel Partners – Matt Weigand (principal).
Snyk – Peter McKay (CEO).

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