Snyk and Reachdesk Secure Funding

Plenty of progress for developer security firm Snyk and SaaS platform Reachdesk.

Developer security company Snyk and SaaS platform Reachdesk have both scooped up some tech funding.

Snyk is on a roll as it got $75 million (£55.3 million) of funding from Atlassian Ventures and Salesforce Ventures as part of its recent Series F financing. This pushes the company’s valuation to $8.6 billion (£6.3 billion), and total capital raised to $850 million (£626.7 million) with over 10% of these total funds directly coming from Atlassian Ventures and Salesforce Ventures.

Reachdesk closed $43 million (£31.7 million) in a Series B equity round. The round was led by Highland Europe with participation from Highland Capital, HubSpot Ventures and RLC Ventures.

Smiles at Snyk

Not surprisingly, Snyk, Atlassian and Salesforce are focused on the global developer population – an estimated 26.2 million in 2020, with the expectation to reach 43.2 million in 2025 – according to the IDC Worldwide Developer Forecast March 2021.

Snyk provides developers the option to build applications and equip security teams. Its website points out that users can find, fix, prevent, monitor and manage via its platform. For instance, developers can find vulnerabilities while they code, with IDE and SCM integrations.

Its Developer Security Platform integrates with a developer’s workflow and Snyk is used by 1,200 customers, including Asurion, Google, Intuit, MongoDB, New Relic, Revolut and Salesforce.

Following Snyk’s integration with Bitbucket Cloud and Atlassian Open DevOps earlier this year, Snyk and Atlassian are working to let developers access and adopt Snyk across Bitbucket Cloud, Jira Software, Jira Service Management and Compass in the future.

Synk explains: “This embedded security experience will give developers the ability to protect their code from open source vulnerabilities as part of their daily workflow.”

This latest funding development comes on the heels of the company’s announcement of $530 million (£390.8 million) in Series F investment earlier this month.

The firm is based in London (according to LinkedIn) with a registered address of Reading (mentioned on its website).

Reachdesk Rejoices

Reachdesk’s SaaS platform lets companies create and scale their corporate gifting campaigns.

Its funding round was led by Highland Europe with participation from Highland Capital, HubSpot Ventures and RLC Ventures.

Reachdesk was launched by Alex Olley, Jay Radia, Meelan Radia and Alex Correia-Santos in 2019.

Sending gifts to prospects, customers and employees via Reachdesk is “as simple as sending an email”. It has integrations with various SaaS platforms, and provides a marketplace and logistics network across the US, Canada, UK, Europe, Australia and Asia.

It is used by such brands as ZoomInfo, ZScaler, Hootsuite and SimilarWeb.

Olley explains: “Just like every customer has a CRM, marketing automation, and a sales automation platform, we see a world where every business will need a gifting platform like Reachdesk.”

Reachdesk will use the funding to invest in product development; and for technical integrations, curated marketplace vendors and warehouse partnerships.

The firm revealed a “record” 600% year-on-year growth. Since 2020, its team has grown 500% with plans to more than triple by the end of 2022. It currently has offices in London, New York and Lisbon; and looks to expand its presence across the US, Australia, New Zealand and APAC later this year.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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