Cybersecurity Startup Plots APAC Expansion

London-based cloud-native application security startup Snyk is eyeing Asia Pacific and Japan, following a breakout year in 2020.

Snyk has announced plans to expand in Singapore, India, Japan, Korea, Australia, and New Zealand, and has appointed vice president of APJ sales Shaun McLagan to lead and build out dedicated teams in the region, the firm announced in a blog post on Thursday.

The appointment comes as Snyk announced its latest $300 million Series E funding, led by new partners – Singapore state investor Temasek and Geodesic Capital, a venture capital firm that specializes in helping technology companies expand into Asia.

The startup cited an explosion of digital transformation initiatives across the region and a greater need for security among companies. Its customers include Revolut and Volt Bank.

With an estimated 27 million software developers worldwide today, and the strongest growth for developers expected in Asia Pacific specifically, Snyk collectively recognizes that there has never been a better time to serve this market, Peter McKay, Snyk CEO said.

Founded in 2015, the company had a breakout year in 2020, recording a 200 percent year-over-year increase in revenue and making strategic acquisitions of DeepCode and Manifold.

With the new funding round, the company has now raised $470 million to date, bringing the company valuation to US$4.7 billion, quadrupling it since the beginning of 2020.