UK-founded tech giant Snyk is reportedly set to cut around 200 jobs.
Billed as a ‘developer-first’ cybersecurity company, Snyk was founded in London and Tel Aviv, Israel in 2015 by Assaf Hefetz, Danny Grander and Guy Podjarny.
It helps businesses to find and fix vulnerabilities in their digital infrastructure by building security into the development process.
Late last year, Series F investment of around £436 million valued Snyk at more than £6.4 billion. The company said at the time that it had hired more than 300 employees in 2021, with projections of ending that year with 800+ employees worldwide.
It is now cutting 14% of jobs in its global workforce, according to Pragmatic Engineer’s George Orosz.
Scoop: cybersecurity startup Synk is laying off 14% of staff, ~200 people. The reason: “headwinds facing the global economy”. News was announced earlier this morning.
The company raised $530M at $8.5B valuation a year ago (Sep 2021). Details on what was communicated to staff:
— Gergely Orosz (@GergelyOrosz) October 24, 2022
He reported that Snyk CEO Peter McKay wrote in a company-wide message: “While our business has continued to grow [market conditions have led to the need for] restructuring and reducing our global workforce.
“It’s painful to say goodbye to Snykers and friends who have helped to build the foundation of our company, but today’s adjustments are required to best position us for future growth.
“We will do all we can to support those we part ways with as they seek the next step in their journey.”
Aner Mazur, SVP market strategy, is among those leaving after five-and-a-half years with the company. Chief legal officer Karyn Smith, who joined this year, will also depart.
Snyk is used by millions of developers and more than 1,200 customers worldwide, including Asurion, Google, Intuit, MongoDB, New Relic, Revolut and Salesforce.
Orosz said the aim is to focus more on the profitable enterprise segment than SMEs.