GitLab raises $100 million from Iconiq, GV, and Khosla, at $1.1 billion valuation


Homepage of GitLab website on the display of a PC

Code collaboration and DevOps platform GitLab has raised $100 million in a series D round of funding led by Iconiq Capital, with participation from existing investors GV and Khosla Ventures.

The latest round of funding comes nearly a year after GitLab announced its $20 million series C round, at which point the San Francisco-based company revealed its valuation had more than doubled since its series B round a year earlier — but it didn’t give a precise dollar valuation at the time. Today, however, the company said that it is now valued at $1.1 billion, bestowing upon it the much-coveted “unicorn” status.

Code-hosting and collaboration

Founded in 2014, GitLab is often lumped together with GitHub, insofar as they offer similar code-hosting repositories that help developer teams collaborate and manage their software development projects as they evolve. However, GitLab 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. During its last big fundraise, the company discussed how it plans to “unite development and operations in one user experience.”

And so here we are, one year later, and GitLab has just bagged a gargantuan tranche of cash, taking its total money raised to more than $145 million. The company said that it plans to use its fresh cash injection to “become best-in-class in every DevOps software category,” according to a statement issued by the company.

Ultimately, GitLab is setting out to build an all-in-one platform that saves enterprises from having to integrate myriad developer services, such as Atlassian’s Jira, GitHub, New Relic, and BlackDuck, which can lead to little data silos.

“Since raising a Series C round last year, we’ve delivered on our commitment to bring a single application for the entire DevOps lifecycle to market, and as a result have been able to reach over $1 billion in valuation,” noted GitLab CEO Sid Sijbrandij. “With this latest funding round, we will continue to build out our management, planning, packaging, deployment, configuration, monitoring and security features for a more robust DevOps application.”

Investment

This latest raise comes just a few months after Microsoft revealed plans to acquire GitHub for $7.5 billion, coincidentally shortly after GitLab revealed it was ditching Microsoft Azure for Google Cloud. And Atlassian — which is perhaps best known for its issue-tracking software Jira — is riding on the crest of 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.

Put simply, developer tools are hot, and this is why Iconiq, GV, and Khosla are going all-in on GitLab.

“GitLab is emerging as a leader across the entire software development ecosystem by releasing software at an exceptional velocity,” added 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.”

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