– USA, NY – GitLab, the DevOps platform delivered as a single application, today announced it has completed a $268 million Series E round of funding valuing GitLab at $2.75 billion. This recent funding round was led by ICONIQ Capital and Goldman Sachs with participation from existing investor Y Combinator Continuity Fund.
“We are incredibly excited to co-lead GitLab’s Series E funding round,” said James Hayward from Goldman Sachs’ Merchant Banking Division. “Following our initial investment in 2018, we have witnessed first-hand the increased development velocity across our Engineering Division. We have been thoroughly impressed with GitLabs’ growth and customer reach and look forward to supporting the company as it goes from strength to strength.”
“By building features for each stage of the DevOps lifecycle into a single application, GitLab is solving a major need in the market and their business continues to grow rapidly,” said Matthew Jacobson, General Partner at ICONIQ Capital. “We believe the company is exceptionally well-positioned to improve the work of millions of developers and enhance the way they build great products.”
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 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.
“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.”
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.
GitLab has raised $426M to date.
About GitLab
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. More than 100,000 organizations from startups to global enterprise organizations, including Ticketmaster, Jaguar Land Rover, NASDAQ, Dish Network, and Comcast trust GitLab to deliver great software at new speeds.
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