GitLab, a US-based software development platform backed by internet technology conglomerate Alphabet, closed a $268m series E round yesterday co-led by investment bank Goldman Sachs and multi-family office Iconiq Capital.
Y Combinator took part in the round through its Continuity Fund and was joined by Adage Capital Management, Alkeon Capital, Altimeter Capital, Coatue Management, D1 Capital Partners, Franklin Templeton, Light Street Capital, Tiger Global Management and Two Sigma Ventures.
Founded in 2014, GitLab provides a development and operations platform that supports the entire lifecycle of software development from creating, verifying, packaging and releasing to monitoring and configuring code.
The platform is used by more than 100,000 clients, and GitLab plans to use the series E capital to further develop the product, concentrating on planning and monitoring code as well as security, and to drive recruitment across its product, marketing, sales and administrative teams.
The series E round valued the company at $2.75bn and brought its total funding to $426m. It aims to go public in late 2020, chief executive Sid Sijbrandij told TechCrunch.
GitLab closed a $120m series D round in December 2018 after Goldman Sachs supplied an extension through its Principal Strategic Investments subsidiary. The $100m first tranche was led by Iconiq Capital and included Alphabet subsidiary GV and Khosla Ventures, valuing the company at more than $1bn.
GV previously led a $20m series C round for GitLab in 2017, after the company had secured the same amount in a series B round backed by Y Combinator and Khosla Ventures the previous year. Its earlier investors include 500 Startups, Tuesday Capital (then known as CrunchFund), Sound Ventures and Liquid 2 Ventures.
