DevOps platform with Code collaboration GitLab has generated $100 million in the series D round of funding led by Iconiq Capital, with the participation from existing investors like GV and Khosla Ventures.
The latest D round of funding came nearly a year after the famously known GitLab announced its $20 million C round, and at that point the San Francisco-based company revealed that its valuation and revenue grown more than doubled since its series B round a year earlier — but still it didn’t give a precise dollar valuation at the time.
At present the company is claiming to have its value at $1.1 billion, bestowing upon it the much-coveted “unicorn” status.
If we go further in the past then it was founded in 2014, GitLab is often merged together with GitHub, insofar as they offer similar code-hosting repositories and traits that help developer teams collaborate and manage their software development projects as they evolve. However, GitLab wants to do the existing things little more differently and has been pushing beyond that realm into other developer-focused products. Last September, with the release of GitLab 10.0, the company took a big step forward in its DevOps mission as it sought to target the entire software development, deployment, and monitoring market which is a totally new line of sight for the company. During its last big fundraise, the company discussed its agenda to take it forward by discussing how it plans to “unite development and operations in one user experience.”
One year later here we are and Gitlab has shown us its potential and it generated a huge tranche of cash taking its total money raised to more than $145 million. Now here the company said that it plans to use its fresh cash injection to “become best-in-class” in every area of DevOps software category.
We can see a new leader emerging across the entire software development ecosystem by releasing software at an exceptional velocity,” noted Iconiq Capital partner Matthew Jacobson. “They’re taking the broad software development market head-on by developing an application that allows organizations to ship software at an accelerated rate with major increases in efficiency.”
Ultimately, GitLab is much more focused to build an all-in-one platform that saves and serve enterprises from having to integrate different developer services, such as Atlassian’s Jira, GitHub, New Relic, and BlackDuck, which can lead to little data silos. GitLab wants to be the one who can serve as a single go-to for all a developer’s needs, and it said that it is already in a position to do so, though there is always a room for improvement.
“Some of our tools, like continuous integration, are already best in class,” GitLab CEO Sid Sijbrandij told VentureBeat. “Some newer tools like monitoring are more recent and challenging, giving competition but thats the thing that keeps us motivating and we need to catch up, but with this raise we have to money to do help our community to do so.”
GitLab faced one of the biggest challenge when it is always compared with GitHub but now that GitLab is meandering into more of a DevOps platform, it will be on a mission to tell its customers all it can do.
“GitLab currently knows how most of their users are not aware how much GitLab can do for them and what it is doing to make it more improvised and effortless for their users — most think of us as version control with a bit of continuous integration,” Sijbrandij continued. “When we tell them they can get rid of the burden of integrating nine different tools together, they love that. It is up to us to tell this story every chance we get. The fundraise means we can create more opportunities to do so.”
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Investments
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After GitLab took the decision to ditch Microsoft Azure for Google Cloud immediately just after a few months Microsoft revealed plans to acquire GitHub for $7.5 billion. And Atlassian — which is perhaps best known for its issue-tracking software Jira — is riding on the crest of the wave on Wall Street. The Australian company went public on the Nasdaq back in 2015, and its shares recently soared past the $90 mark for the first time, an increase of more than 150 percent on last year.
Since we are living in the 21st century and we know the power of IT and Software development so that makes simply to think us the power of developer tools and this is why Iconiq, GV, and Khosla are going all-in on GitLab.
“We’re reaching a point where every company is a software company, and larger organizations are starting to realize that without developers, they cannot survive in this industry and cannot drive innovation,” Sijbrandij said. “Developers play a crucial and a vital role in helping drive business growth and have officially landed a seat at the table which is much valuable than other resources. We want GitLab to become synonymous with a well-run engineering organization.”
Ordinarily, getting a company to spill the beans on its IPO plans is something of a challenge. But GitLab bucked that trend a few months back when it stated that it intends to go public on Wednesday, November 18, 2020. “We are still striving to realize this ambition,” Sijbrandij confirmed to VentureBeat.
Courtsey : VentureBeat
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