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GitLab raised $100 Million at a $1.1 Billion valuation  ↦

A year ago, Business Insider said “You may never have heard of GitLab…” as part of their announcement of their Oct. 2017 raise of $30 Million (no valuation was provided then). This year, Microsoft changed that by putting this market on high alert with their acquisition of GitHub for a whopping $7.5 Billion.

…over 100,000 code repositories were moved to his platform from GitHub following the news of the Microsoft acquisition.

Sid said “the deal served as a ‘wake-up call’ to developers, giving them the impetus to look at competing platforms” — like GitLab. The deal also served as a wake up call to those who had been investing or wanted to invest in GitLab and bring the money to them…Sid was quoted on TechCrunch saying:

…GitLab’s original plan was to raise a new funding round at a valuation over $1 billion early next year. But since Iconiq came along with an offer that pretty much matched what the company set out to achieve in a few months anyway, the team decided to go ahead and raise the round now.

What’s interesting is that I can recall a time when GitLab was known in developer circles simply as a straight up, open source, GitHub clone. Continued development, great leadership, and a $1.1 Billion valuation later…they have been cemented as a serious GitHub contender.


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