Snyk hasn’t been afraid to take money over the years, scoring an ever larger investment haul with each passing round, and with each one has come a correspondingly large valuation increase.
That previous round was $530 million with $300 million in primary funding and the remaining $230 million in secondary funding to pay off early investors and employees, anxious to see some return on their equity. The primary money came on an $8.5 billion valuation, $1.1 billion higher than today’s round.
Snyk CEO Peter McKay says getting the right terms were more essential than increasing the valuation, especially in the current market.
He says it was more important that we get the right terms than that I absolutely have to get to $8.6 billion. If the market is saying you’re at 7.4, then we’re at 7.4.