After Microsoft acquired code-hosting service GitHub for $7.5 billion in June, a startup company called GitLab, which provides code collaboration and DevOps platform, was emboldened to advance its fundraising plan. GitLab announced that it has raised $100 million during a series D funding round led by ICONIQ Capital.
The latest financing puts the company’s valuation at more than $1 billion and bolsters its effort to offer a full lifecycle DevOps platform. GitLab provides a single application that combines each stage of the DevOps lifecycle, the features of which are built by more than 2,000 developers who contribute to its open core application.
GitLab said it began as a Git-based source code management service when the company kicked off operations in 2014. Late last year, GitLab raised $20 million in series C funding led by GV and the company has since aimed to expand into every category of the DevOps lifecycle.
Regarding the latest funding, Sid Sijbrandij, CEO of GitLab, said:
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. With this latest funding round, we will continue to improve upon our suite by building out our management, planning, packaging, monitoring and security features for a more robust DevOps application.
Beyond improving its services, Sijbrandij also told TechCrunch that the newest round will help the company accelerate its goal of going public by November 2020. He added that GitLab initially planned to do its series D funding round early next year and file for an IPO in November 2020. However, Sijbrandij said:
I think in the current climate, where the macroeconomics are really good and GitHub got acquired, people are seeing that there’s one independent company, one startup left basically in this space. And we saw an opportunity to become best in class in a lot of categories.
GitLab’s next plan is to inject a big chunk of the funding into engineering efforts meant to expand its existing products and launch new features such as tracing and log aggregation, among others.