Snyk’s growth slows sharply in 2024, hits $278 million in revenue
Filings show revenue up by 26% from 2023, with operating loss standing at more than $188 million.
Israeli-founded cybersecurity company Snyk reported significantly slower revenue growth in 2024, generating $278 million last year, a 26% increase compared with 2023. According to its latest filing with the UK Registrar of Companies, Snyk posted an operating loss of more than $188 million in 2024.
While the growth rate is well below the 50% recorded in 2023 and the 150% achieved in 2022, the company continued to expand both its customer base and workforce.
The filing reflects invoiced revenue rather than the annual recurring revenue (ARR) metric commonly used by SaaS companies. Snyk’s ARR, as reported by CEO Peter McKay at the end of December, exceeded $300 million.
In 2023, Snyk reduced its workforce by 10% to about 1,100 employees as part of a cost-management initiative. In 2024, it modestly increased headcount to 1,162 employees by year-end, up from 1,028 the previous year. Its customer base grew to 4,478 from 3,917, though the increase did not translate into the same pace of revenue growth seen in earlier years.
Earlier this year, Snyk announced a new artificial intelligence platform, Snyk AI Trust Platform, designed to manage and secure software development in the AI era. Speaking with Calcalist, Snyk CTO Danny Allan described it as the company’s most significant product launch to date.
“We’re not threatened by young AI startups offering niche tools,” said Allan. “The market is demanding comprehensive platforms, not point solutions. We've received numerous requests from our 4,500 customers asking us to help secure their transition to AI-based development.”
Snyk, which raised $196.5 million in a Series G funding round in December 2022 at a valuation of $7.4 billion, ended 2023 with total cash balances of $350 million. More than $40 million were spent on acquisitions, including two Israeli startups - $32.7 million on Enso Security and $2.9 million on Helios. The Helios acquisition had previously been estimated to be much more expensive.
Founded in 2015 by Israelis Assaf Hefetz, Danny Grander, and Guy Podjarny, Snyk offers a security product primarily aimed at developers. Snyk’s Developer Security Platform automatically integrates with a developer’s workflow and is purpose-built for security teams to collaborate with their development teams.
