Gitlab Raises $20M Series B Round
SAN FRANCISCO, CA, Today GitLab, the open core code collaboration platform that allows developers to develop, test and deploy together, announced that it has closed $20 million in Series B funding.
New investor August Capital led the round with participation from existing investors including Khosla Ventures and Y Combinator, bringing total funding to date to $25.6 million. The new financing will accelerate the development and adoption of GitLab's platform and tools that provide startup and enterprise developer teams the simplest way to scale projects across functional groups, collaborate in real-time and effortlessly manage workflows and version control.
Software is transforming every industry and becoming the key battleground and differentiator for all companies. Every company is becoming a software company, and over 18 million developers worldwide are embracing open source for corporate infrastructure. Git, the open source version control system, is a critical part of the market and is growing quickly. Today, 30 percent of developers use Git, while legacy offerings are rapidly decreasing in popularity having gone from 50 percent usage by developers in 2008, down to 40 percent in 2015. GitLab is uniquely positioned to become the standard collaboration platform for developers by increasing the velocity of their software development processes across the 10-step development lifecycle.
Large GitLab customers like IBM, Macy's, ING, NASA and VMWare are among those giving developers new tools that replace process-driven approaches, such as Scrum and Waterfall, with greater agility and collaboration. More than 100,000 organizations worldwide use GitLab today and have hosted over 1 million projects since the company was founded in 2014.
'GitLab is providing developers with a new way to view the development process as a seamless, iterative conversation that maps to how developers work today. This 'conversational driven development' is a natural evolution for software engineers that covers the entire lifecycle from idea to production with agility and collaboration,' said Villi Iltchev, partner at August Capital. 'Born in the enterprise and founded by an exceptional team of developers, GitLab has reimagined the software development process with an open core and flexible deployment solution that is ideal for companies of all sizes. August Capital is excited to be working with Sid and his team, and supporting GitLab's growth and continued innovation.'
GitLab is the only code collaboration platform that seamlessly unifies planning and feedback, issues, code review, continuous integration and continuous delivery into a single user interface to accelerate the development process naturally from idea through production. Unlike other code collaboration tools that are incomplete and fragmented, GitLab connects all the elements that comprise the software lifecycle to preserve the creative flow, increase developer efficiency and ultimately deliver better code. The GitLab tools and flow enable developers to engage and create throughout the full path of development in a cohesive and intuitive way.
'We are seeing a shift in the landscape as the disparate tools that were designed to enable collaboration and speed development are actually slowing down the enterprise development process. Developers are looking to Git and open source for solutions to deliver higher quality software, faster,' said Sid Sijbrandij, CEO and co-founder of GitLab. 'GitLab is focused on more than just the best tools, but also on creating the most natural and cohesive process to closely mirror the way developers work without duplicating effort or the distraction of switching to multiple platforms. This additional capital gives us an incredible opportunity to expand our product offerings, create more collaborative tools and support dev teams of all sizes.'
This new funding comes on the heels of GitLab's recent release of Issue Board, a new way for developers to manage issues in GitLab, the latest addition to the company's 10- step lifecycle offering. In the coming months, GitLab will release cycle analytics, one of the last two tools to complete the modern developer operating system. These offerings map back to GitLab's core philosophy of openness and transparency with employees, the community and the value of a 100-percent remote workforce.
Founded in 2014, GitLab, Inc. is the open core code collaboration platform that provides a complete workflow to create, review, and deploy code simply and effectively. Downloaded over one million times, GitLab includes Git repository management, code review, issue tracking, wikis and GitLab CI, a continuous integration and deployment tool. Built for the enterprise, GitLab scales effortlessly, handling more than 25,000 users on a single server. GitLab provides companies from startups to Fortune 500 enterprises with a faster and more effective development environment. More than 100,000 organizations all over the globe currently use GitLab on premises including NASA, CERN, Alibaba, SpaceX, O'Reilly, IBM and Expedia. Follow @GitLab on Twitter or learn more it at https://about.gitlab.com.
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