Cybersecurity Startup Plots APAC Expansion
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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.
Questions & Answers
Q.Which specific countries in the Asia Pacific region is Snyk planning to expand into?
Which specific countries in the Asia Pacific region is Snyk planning to expand into?
Snyk has announced plans to expand its operations into Singapore, India, Japan, Korea, Australia, and New Zealand. These countries are key targets for their growth in the Asia Pacific and Japan region.
Q.What was the total amount of funding Snyk had raised prior to its latest Series E round?
What was the total amount of funding Snyk had raised prior to its latest Series E round?
Prior to the recent Series E funding round, Snyk had already secured a total of $170 million. The latest $300 million Series E round increased their total raised funding to $470 million.
Q.What is the primary reason Snyk believes now is a good time to expand into the Asia Pacific market?
What is the primary reason Snyk believes now is a good time to expand into the Asia Pacific market?
Snyk believes it's an opportune time due to the explosion of digital transformation initiatives and an increased need for security among companies in the region. Strong developer growth is also expected there.
Q.Which specific companies are mentioned as existing customers of Snyk?
Which specific companies are mentioned as existing customers of Snyk?
The article mentions two specific companies that are currently customers of Snyk. These existing clients include the digital bank Revolut and Volt Bank, indicating their reach in financial technology.
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