Snyk losses surged to $267 million in 2022 despite 157% increase in revenue
The cybersecurity startup ended the year with total cash balances of $523.3 million after raising $196.5 million in a Series G downround last December at a valuation of $7.4 billion
Cybersecurity unicorn Snyk grew its revenue by 153% to $147 million in 2022, but its losses still increased by over 20% to $267.3 million. According to the company’s Directors’ Report filed with the UK’s Companies House on Friday, the loss for the year increased due to a 48% rise in costs.
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Snyk completed one fundraising round in 2022, raising $196.5 million in a Series G in December at a valuation of $7.4 billion. This was a downround compared to September 2021 when it raised $300 million at a valuation of $8.5 billion.
Snyk said it ended the year with total cash balances of $523.3 million, falling from $660.4 million year-over-year.
The company said it ended 2022 with 1,135 employees, a 24% increase year-over-year. However, in April of this year it laid off 128 employees, representing approximately 12% of its total workforce. Snyk estimates that it will pay approximately $4.2 million to $5.2 million in connection with the reduction in the workforce.
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Snyk was founded in 2015 by Israelis Assaf Hefetz, Danny Grander, and Guy Podjarny. The company's security product is aimed mainly at developers, providing a solution that finds and fixes vulnerabilities and license violations in open-source dependencies and container images. The company is currently headed by CEO Peter McKay.
In October 2022, Snyk laid off 198 employees, accounting for 14% of the company. Snyk operates across Israel, the U.S., and Canada with a significant presence in London.
In June, Snyk acquired Israeli startup Enso Security in a deal that was previously believed to be valued at $50 million, but according to the company’s report was actually for $32.7 million.
