BrazilOliver Wyman supports QIA with investment in US-based Snyk
The Qatar Investment Authority (QIA) has led a near $200 million funding round in Snyk, a US-based cybersecurity start-up that is now valued at $7.4 billion. Oliver Wyman supported Qatar’s sovereign wealth fund with M&A advisory.
Founded in 2015, Boston-based Snyk is fast growing start-up that provides cybersecurity solutions to security teams and developers worldwide. Snyk is currently used by 2,300+ customers worldwide today, including companies such as Asurion, Google, Intuit, Revolut and Salesforce.
On the back of around 100% revenue growth in fiscal year 2022, Snyk has forged ambitious growth plans for 2023 and beyond, with its latest funding round (a Series G round) aimed at financing its plans for product innovation, organic expansion, as well as strategic acquisitions being considered.
The capital injection ($196.5 million) was led by the Qatar Investment Authority, and flanked by Evolution Equity Partners, G Squared and Irving Investors (all new investors). Meanwhile, existing investors Boldstart Ventures, Sands Capital and Tiger Global also joined the Series G round.
Commenting on its involvement, Mansoor Ebrahim Al-Mahmoud, CEO of Qatar Investment Authority said: “We’re confident that Snyk’s proven approach positions the company for a successful future and is aligned with QIA’s track record of supporting innovative companies shaping the future of the global economy.”
Across its portfolio, Qatar Investment Authority has around $450 billion worth of assets.
One of QIA’s trusted advisors, Oliver Wyman supported the sovereign wealth fund with its investment, providing buy-side strategic and commercial advisory services to the transaction. Sean Cory, a partner at the consulting firm, said: “It has been a real pleasure for us to work with the Qatar Investment Authority on its investment into Snyk, the leader in developer security. We truly enjoyed supporting QIA with this investment.”
On Snyk’s plans, CEO Peter McKay stated: “In this challenging macroeconomic environment, it is more critical than ever for global enterprises to increase their developer productivity and be able to continue their pace of innovation securely. In 2023, we look forward to leveraging this latest investment to continue enhancing our platform and help more global enterprises reap the benefits of DevSecOps.”
