SAN FRANCISCO — GitLab has completed a $268 million Series E round of funding valuing the company 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.
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. GitLab has raised $426 million to date.
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.
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.
More than 100,000 organizations use GitLab, including Ask Media Group, Charter Communication, Delta Air Lines, Goldman Sachs, Ticketmaster, and Nvidia.
“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.”
“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.”