GitLab raises $268 million to expand its DevOps platform; now valued at $2.75 billion
GitLab, the popular open-source code collaboration platform that enables developers to create, review, and deploy code bases, has closed $268 million Series E round of funding. With plans to go public next year, GitLab plans to use the funding to further develop its platform, adding key features in areas like monitoring, planning and security.
The latest funding round, which was led by ICONIQ Capital and Goldman Sachs with participation from existing investor Y Combinator Continuity Fund, now values GitLab at $2.75 billion. The round also included new investors Adage Capital Management, L.P, Alkeon Capital, Altimeter Capital, Coatue, D1 Capital Partners LP, Franklin Templeton, Light Street Capital, Tiger Global Management, Two Sigma Ventures. To date, GitLab has raised a total of $426 million in funding.
GitLab will also use the funding to continue to add team members to address product, marketing, sales, and administrative functions to support GitLab’s overall goal of unifying teams and helping organizations accelerate better software products to market faster and more securely.
Founded in 2014 by Dmitriy Zaporozhets and Sytse Sijbrandij, GitLab is a DevOps platform built from the ground up as a single application for all stages of the DevOps lifecycle enabling Product, Design, Development, QA, Security, and Operations teams to work concurrently on the same project. GitLab provides teams a single data store, one user interface, and one permission model across the DevOps lifecycle, allowing teams to collaborate and work on a project from a single conversation, significantly reducing cycle time and focus exclusively on building great software quickly.
Built on open source, GitLab leverages the community contributions of thousands of developers and millions of users to continuously deliver new DevOps innovations. GitLab is used by more than 100,000 organizations around the globe from startups to global enterprise, including Ticketmaster, Jaguar Land Rover, NASDAQ, Dish Network, and Comcast.
“To be competitive today, companies need to be 10x faster to market. We made an early bet that enterprises would benefit from a single application experience for DevOps teams to accelerate getting software products to market faster and more securely,” said Sid Sijbrandij, CEO at GitLab. “I love hearing how our customers are innovating faster with a single DevOps application that enables Dev, Ops and Security to collaborate, and this funding will help more organizations experience the benefits of this unified DevOps experience.”
With plans to go public next year, GitLab is using the Series E funding to further develop its platform, adding key features in areas like monitoring, planning and security. In the past year, GitLab has more than doubled its employee count to support the over 100,000 organizations that use GitLab; including Ask Media Group, Charter Communication, Delta Air Lines, Goldman Sachs, Ticketmaster, Nvidia, and many more. Several GitLab customers will be speaking today about their results with the DevOps platform at the company’s inaugural user conference GitLab Commit in Brooklyn. Full speaker schedule. In October, GitLab Commit will head to London where users will hear from EMEA-based customers.
“GitLab’s ARR growth rate of 143% is a direct reflection of the positive business outcomes realized by our customers as they move to GitLab’s single application solution,” said Michael McBride, Chief Revenue Officer at GitLab. “We’ve seen the industry follow our lead, as our customers dramatically increase the efficiency of their DevOps workflows and deliver their products to market much faster. This funding will accelerate delivery of the full vision and product scope of GitLab’s complete DevOps platform and deliver even more value to our customers.”