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Qatar Investment Authority leads US startup Snyk’s latest funding

Logo, Mammal, Animal Synk
The investment is expected to drive Snyk's product innovation and expansion

US-based cybersecurity startup Snyk Ltd said on Monday it had raised $196.5 million in Series G funding, led by Qatar Investment Authority, which is at a lower valuation of $7.4 billion.

The development comes after Snyk earlier this year had tapped banks including Morgan Stanley and Goldman Sachs Group Inc for an initial public offering (IPO) in the US, as it looked to double its valuation.

Snyk, whose previous round was valued at $8.5 billion, on Monday said it received participation from new investors including Tiger Global and Sands Capital for the latest fund raise.

The investment is expected to drive Snyk’s product innovation, expand organically and inorganically through strategic acquisition, the company said.