Snyk Upcoming IPO: Looking to secure public debut

While 2024 showed some signs of recovery from the IPO slowdown of 2022–2023, the private-to-public pathway remained relatively quiet. There were 225 IPOs in the U.S. in 2024 vs. 154 in 2023, yet still far below the 1,034 IPOs seen in 2021.³

In other words, despite some expectations that more companies would go public in 2024 (though not quite at 2021 levels), in many cases IPO plans did not materialize. One example of this can be seen with Snyk, a cybersecurity company for developers that in early 2024 was reportedly drafting its prospectus to go public.⁴ However, no public plans have been announced.

Still, Snyk remains on the radar for a 2025 IPO, with competitors like Cato Networks also eyeing an IPO then.⁵ The issue could be one of timing, with CEO Peter McKay telling CRN in September 2023 that while the goal is to become a public company, there's no rush to do so given the company's cash position.⁶

Snyk: Company background

Snyk was founded in 2015 by Guy Podjarny, Assaf Hefetz, and Danny Grander.⁷ Podjarny — the CEO until 2019 when McKay took over⁸ — has a background that includes founding Blaze.io, which was sold to Akamai where he then became CTO.⁹,¹⁰

Today, Podjarny remains a board member, but in 2024 he started a separate company, Tessl, which is an AI development platform.¹¹

Snyk started in London and Tel Aviv, but the company is now headquartered in Boston.¹²

Securing the development stage

The need for cybersecurity solutions continues to grow given the increased digitalization of the world and evolving threats from cybercriminals. But while many cybersecurity firms focus on securing networks or devices, Snyk is geared toward developers, as its platform can be used to identify and address vulnerabilities starting from the coding through deployment stages.

In other words, Snyk falls into the growing category of DevSecOps, which emphasizes security integration throughout the development lifecycle. The global DevSecOps market is currently valued at nearly $9 billion, and it's projected to grow at a compound annual growth rate (CAGR) of 13.2% from 2025-2030, according to Grand View Research.¹³

Meanwhile, Snyk has enjoyed strong growth. In 2023, its annual revenue grew by around 50% to $220 million compared to 2022, and its losses for the year shrank by around one-third to a -$175 million deficit. Part of that improvement came from shrinking its headcount by around 10%, while also increasing its number of customers by around 22%.¹⁴

Snyk's growth has also coincided with the company making several acquisitions. In November 2024, for example, Snyk announced it acquired Portugal-based Probely, a Dynamic Application Security Testing (DAST) provider.¹⁵ Some other relatively recent acquisitions have included Helios for more holistic application security visibility and Enso Security to help users prioritize and remediate security risks.¹⁶

Snyk stock price history

Snyk's Forge Price is $7.59 as of January 2025, which has been consistent over the past year, but it's about a 34% decrease from Snyk's last primary funding round price of $11.49.¹⁷ Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions, and indications of interest (IOIs) on Forge.

In comparison, the Forge Private Market Index — a broad measurement that reflects the up-to-date performance and pricing activity of venture-backed, late-stage companies that are actively traded in the private market — is down about -16% since Snyk's last primary funding round.¹⁸

Snyk funding history and private market valuation

Snyk's initial funding was a $3 million seed round in 2016 with investment and a $7 million Series A in 2018, with investors such as Boldstart Ventures and Canaan Partners participating, alongside current the CEO, Peter McKay.¹⁹

Its Series B then came a few months later in 2018, raising $22 million led by Accel, alongside GV and existing investors such as Boldstart and Heavybit.²⁰ This valued the company at $100 million at the time, which then jumped to around $500 million with a $70 million fundraising round in 2019.²¹ Snyk then announced it reached unicorn status in early 2020 after raising another $150 million from investors such as Stripes, Coatue, Tiger Global, Atlassian Ventures, and Salesforce Ventures.²²

Later in 2020, Snyk announced that it closed its Series D in a $200 million round led by Addition, valuing the company at over $2.6 billion.²³ The following year, its Series E raised $300 million, led by Accel and Tiger Global, at a $4.7 billion post-money valuation.²⁴ Later in 2021, its valuation peaked at $8.5 billion with the close of a $530 million Series F led by Sands Capital and Tiger Global, alongside others such as Koch Strategic Platforms and T. Rowe Price.²⁵

Lastly, Snyk's most recent primary funding round was its Series G in late 2022, which included investment from QIA (Qatar Investment Authority). While this round raised almost $200 million more, Snyk's valuation dropped a bit to $7.4 billion.²⁶

Looking ahead

While Snyk has been anticipated as an upcoming IPO for over a year, no definitive plans have been announced. At the same time, the company has not publicly stated that it has changed course, so it seems possible that Snyk is simply waiting for improved market conditions before conducting an IPO.

Check back here or take a look at Forge’s upcoming IPO calendar to stay in the loop about a possible Snyk IPO and other pending public offerings.

If you’re interested in investing in private companies like Snyk before they go public, read more about pre-IPO investing or register on Forge Markets today to get started.