GitLab DevOps solution vendor has completed a $268 million Series E round of fundraising that pushed the company’s valuation to $2.75 billion. This latest funding round was led by existing investors Goldman Sachs and ICONIQ, but also included participation from nine new-to-GitLab investors.
GitLab is a complete DevOps platform, delivered as a single application. From idea to production, GitLab helps teams improve cycle time from weeks to minutes, reduce development costs and time to market while increasing software developer productivity. The new funds will be used to add monitoring and security to GitLab’s offering, and to increase the company’s staff to more than 1,000 employees. The investment also comes in preparation for a potential public offering next year. GitLab’s largest competitor, GitHub Inc., was acquired by Microsoft Corp. in a stock deal announced in June 2018 worth $7.5 billion.
“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,” says CEO Sid Sijbrandij. In 2015 fewer than 10 people worked at GitLab; today over 800 team members contribute from 55 countries around the world. More than 100,000 organizations use GitLab, including Ask Media Group, Charter Communication, Delta Air Lines, Goldman Sachs, Ticketmaster or Nvidia.