Benzinga | Mar 10, 2021 01:48PM EST

Cybersecurity Firm Snyk Secures $4.7B Valuation In Latest Funding Round: Bloomberg

* Cybersecurity platform Snyk Ltd disclosed closing a $300 million funding round, quadrupling its valuation to $4.7 billion from 2020 beginning, Bloomberg reports.

* The transaction included both primary and secondary offerings, translating into fresh capital of $175. As a result, the total funding raised by Snyk amounted to $470 million since its 2015 inception.

* The funding round was co-led by venture firms Accel and Tiger Global Management. Other investors included Addition, BlackRock Inc., Boldstart Ventures, Canaan Partners, Coatue, GV, Salesforce Ventures, and Stripes. The round also included new investors like Atlassian Ventures and Franklin Templeton.

* The Snyk platform enabled developers to integrate security into their existing workflows automatically. The platform included secure components, like code and open source libraries, to develop cloud-native applications to counter increasingly sophisticated attacks.

* Snyk's valuation significantly surged during the past year. The company was valued at over $1 billion in a $150 million funding round in January 2020. Last September, it obtained a $2.6 billion valuation with a $200 million investment.

* The company reportedly aims for a public listing over the next couple of years, preferably via an IPO route instead of a SPAC merger.