UK-based Snyk, which helps companies detect security vulnerabilities in open source code, raises $22M Series B led by Accel, source says at $100M valuation
Open source software is now a $14 billion+ market and growing fast, in use in one way or another in 95 percent of all enterprises.
Context & Ripple Effects
Six months after Snyk's $7M Series A, when it claimed 350K monthly downloads of its open source vulnerability-fixing tools, the London company is back with a $22M Series B — and Accel is leading it. The backdrop the article cites is scale: open source is described as a $14 billion-plus market touching 95 percent of enterprises, which means every enterprise's codebase carries third-party dependencies nobody fully audits.
The follow-on record makes clear why Accel moved early: within a year it led Snyk's $70M round at a ~$500M valuation, and by late 2021 the company had reached an $8.5B valuation — roughly 85x this round's reported $100M price in three years.
First-order effects
- Snyk gets the capital to move from a developer-download tool toward an enterprise security product, while Accel secures a lead position in what becomes its most valuable security bet.
Second-order effects
- Accel's conviction compounds — it re-ups to lead the next round — and rival investors must now pay an escalating entry price for open source security assets, with each successive round repricing the category upward.
Third-order effects
- If the pattern holds, securing open source dependencies stops being a niche scanner market and becomes a core enterprise software budget line, with developer-embedded tools like Snyk absorbing spend that previously went to perimeter and endpoint security.
The trend: Open source security is consolidating into a venture-backed platform category, where early lead investors like Accel double down across successive mega-rounds.