Technology

Dutch coding platform GitLab joins unicorn club, raises €85M of fresh funding

In a recent development, the Dutch coding platform GitLab raised $100 million in its latest Series D funding round led by Iconiq Capital, the Silicon Valley fund that is an investment vehicle for the founders of Facebook Inc, LinkedIn and Twitter Inc.

With this funding, the company joined the unicorn club with a valuation of more than $1 billion. According to the Sid Sijbrandij, CEO of GitLab, this total funding of $145.5 million, will help the company to move towards its goal of reaching IPO by November 2020.

At present, the GitLab offer products in nine different categories and competes against the likes of VersionOne, Jira, Jenkins, Artifactory, Electric Cloud, Puppet, New Relic and BlackDuck. Moreover, the company competes against GitHub, which was acquired by Microsoft earlier this year for $7.5 billion.

“This should probably be the last one before the company’s IPO on November 18, 2020,” GitLab co-founder and Chief Executive Officer Sytse Sijbrandij said about the funding, which is five times more than what the company raised in its previous round last October.

As per the company claims, this funding will be used to launch a new product and build out its existing products as well. Moreover, the company is working on launching new features including tracing and log aggregation.

For the uninitiated, GitLab builds software tools, which helps developers to build their own software. The company prefers remote working and has no physical office as such. It has nearly 400 employees in 45 different countries. Founded by Sijbrandij and another Ukrainian developer Dmitriy Zaporozhets in 2011, GitLab counts Alphabet Inc’s Google Ventures, Y Combinator and Khosla Ventures among its investors.

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