Security application development start-up Snyk has achieved a $1 billion valuation after its latest funding round.

The London firm raised around £115 million in a round led by New York-based equity firm Stripes.

Snyk has previously raised more than $90m from investors including Accel, Coatue, Tiger Global, BoldStart, GV, Canaan, Trend Forward, Amity and Salesforce Ventures.

The company is led by Veeam’s former co-CEO Peter McKay, who said the latest cash will “accelerate” the company’s ability to transform the way application security is approached and delivered to software-driven enterprises.

“With rapid 2019 revenue and customer growth from both individual users and scaling development teams, we are seeing the market embrace developer-first application security to help tackle the increasing cybersecurity concerns that come with digital transformation,” said McKay.

“This new funding will help us achieve even faster product innovation, deeper expansion into EMEA and APJ, and broader, impactful support of the DevSecOps community.”

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Snyk works with big-name clients including Google, Salesforce and Intuit. It achieved more than 400 per cent year-over-year revenue growth last year.

Founded in 2015, Snyk helps businesses and their developers quickly develop, scale and secure applications.

More than 400,000 developers currently use the platform around the world.