Open source software company Tidelift raised $25 million in a Series B funding round, which followed closely on the heels of its $15 million Series A just seven months ago. General Catalyst, Foundry Group, and former Red Hat Chairman and CEO Matthew Szulik co-led the Series B. All three investors also co-led the startup’s Series A.
Its business model works like this: companies pay Tidelift a subscription, and in return they receive professional support for the open source projects they use from the developers who created and maintain these projects. This includes security updates, maintenance, and legal assurances.
Tidelift, in turn, pays the developers to provide this support. And this cycle “makes open source work better for everyone,” wrote co-founder and CEO Donald Fischer in a blog about the Series B. “More than 35 million open source repositories now depend on packages that are included in the Tidelift Subscription.”
Fischer says the company will use the new $25 million to “redouble our efforts to extend our already extensive coverage of open source projects, while expanding to partner with additional open source communities.”