GitLab has raised $100 million from a financing round led by Iconiq Capital, the value of the company is now estimated at $1.1 billion. Iconiq Capital is a start-up fund with investors like Mark Zuckerberg. Other investors were Khosla Ventures and GV.
CEO Sid Sijbrandij states that the vast majority of the capital is used for more product development, says Silicon Angle. The startup started the financing round a number of quarters earlier than it had initially thought, because Iconiq offered positive financing conditions.
Sijbrandij also revealed that it plans to launch an initial public offering (IPO) in November 2020. This means that the company will be listed on the stock exchange. In total, the company raised 145 million dollars in funding during its lifetime. The company’s valuation is now at $1.1 billion.
GitLab provides a platform on which code can be managed. More than 100,000 organizations, including NASA and Intel, use the platform. The company started out with a focus on repository hosting, competing mainly with GitHub. GitHub was acquired by Microsoft last year.
In recent years, however, GitLab has grown into a larger company with a focus on several areas. In this way it hopes to distinguish itself from GitHub. For example, the platform now offers functions for almost all the major steps that are taken in the creation of software. Developers can use the platform to test their code, search for security problems and exchange feedback with colleagues. It is also possible to automate large parts of the workflow via the platform, which gives people more time for other things.
With the expansion, however, the company got many new competitors. Within the app security and various other areas where the startup is currently active, there are several rivals. One of these is, for example, Atlassian. But with the new funding, the company should be able to do more for those markets and compete well.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.