Synack Closes $25 Million in Series B Funding Co-Led by GGV Capital and Icon Ventures, Joining KPCB and Google Ventures
New Financing Fuels Recruitment of Top Researchers, Drives Technology Development to Crowdsource Enterprise Security
February 19, 2015 17:16 ET
REDWOOD CITY, CA–(Marketwired – Feb 19, 2015) – Synack, a security startup that has created a unique enterprise-caliber system to safely crowdsource and manage security testing, today announced it has raised $25 million in Series B funding co-led by GGV Capital and Icon Ventures (formerly Jafco Ventures). This brings Synack’s total funding amount to more than $34 million raised in less than two years. Glenn Solomon, managing partner at GGV Capital, and Tom Mawhinney, general partner at Icon Ventures, will be joining Synack’s board of directors.
Existing investors Kleiner Perkins Caufield & Byers (KPCB), Google Ventures, Greylock Partners and Allegis Capital, as well as Derek Smith, CEO of Shape Security; Ray Rothrock, CEO of Redseal Networks and Timothy Eades, CEO of vArmour, also participated in the round.
CEO Jay Kaplan and CTO Mark Kuhr, former National Security Agency analysts, formed Synack in May 2013 with a unique crowdsourced intelligence model that leverages Synack’s top security talent to uncover attack vectors in organizations that can’t be detected by technology alone. The company has experienced remarkable success since securing Series A funding nine months ago — growing revenue by 90 percent, increasing customers by 60 percent and expanding its expert researcher community by 40 percent. Synack continued its focus on recruiting the highest-quality security talent by hiring a new VP of strategy and operations, Gus Anagnos, who previously led information security at PayPal, where he successfully developed and led the first Bug Bounty Program for a financial institution.