Cybersecurity startup Snyk valued at $7.4 billion after latest funding

Cybersecurity start-up 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 U.S, 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.