US-based software provider has added $20m from investment bank Goldman Sachs’ Principal Strategic Investments subsidiary to a series D round backed by internet technology conglomerate Alphabet that now totals $120m.
GitLab initially secured $100m in series D funding in October 2018, in a tranche led by multi-family office Iconiq Capital that included Alphabet investment vehicle GV and venture capital firm Khosla Ventures at a valuation of more than $1bn.
Founded in 2014, GitLab has created a platform that covers the entire lifecycle of software development by helping developers manage, plan, create, verify, package, release, configure and monitor code.
In addition to hiring new staff, the company plans to use the series D funding to invest in existing features and build new tools.
GitLab raised $20m in an October 2017 series C round led by GV, a year after August Capital led a $20m series B that featured Khosla Ventures and Y Combinator.
Khosla had previously backed a $4m in series A round for the company in 2015, having joined 500 Startups, Crunchfund, Sound Ventures and Liquid 2 Ventures in a $1.5m seed round earlier the same year.
Sid Sijbrandij, GitLab’s chief executive, said: “We plan on using this latest financing to continue helping enterprise organisations like Goldman Sachs achieve DevOps success with faster software development cycle times.
“This investment will further our goal of building out our application with stronger planning, monitoring, managing and security features, to make GitLab best-in-class in all DevOps tool categories.”