A DevOps based company that is known for delivering on a single application has announced its completion of a $268 million Series E round of funding. This has led to the firm being valued at a huge $2.75 billion.
The recent subsidy for the DevOps enterprise, Gitlab, was forwarded by the private investment firm, ICONIQ Capital, along with the financial services company, Goldman Sachs. Y Combinator Continuity Fund, who are already existing investors, also contributed to the fund.
Investors from Light Street Capital, Adage Capital Management, L.P, Two Sigma Ventures, Alkeon Capital, Altimeter Capital, Coatue, D1 Capital Partners LP, Franklin Templeton, Tiger Global Management, also added money to this round.
Beating the competition
“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.
GitLab plans to use the money to further develop its platform by adding key features in areas like planning, security, and monitoring. The organisation aims to take the newly developed platform public next year.
Over 100,000 companies use Gitlab, including Ask Media Group, Charter Communication, Delta Air Lines, Goldman Sachs, Ticketmaster, Nvidia and in the past year, GitLab has more than doubled its employee count.
Increase in business
“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.
He added: “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.”
It’s hoped the funding will also benefit the overall productivity of the company by providing more staff in various departments.