GitLab cleared $100 million in new funding that pushed the software repository’s total valuation to more than $1 billion. The latest round was on the back of a new investor into the company and boosts GitLab’s push to become an alternative to market heavyweight GitHub.
The company is an online Git repository manager. Git is a platform where users can create software projects, offering management of code and a collaboration channel. GitLab hosts those software projects for free, but also offers its own software platform that takes in contributions from the Git community. The firm has more than 2,000 members that have contributed to projects.
GitLab offers a free community version of its software platform. Customers wanting more support can sign up for an enterprise version that includes extra features.
Sijbrandij said GitLab is the only single application that handles the entire DevOps lifecycle, from planning, to verification, packaging, and release in a single application. GitLab pushes out a new release every month, which typically includes at least two major components and dozens of smaller updates. The platform is designed to run on top of a traditional Kubernetes distributor like CoreOS.
The Series D round was led by ICONIQ Capital, which is now the largest single investor in GitLab. The company had raised $45.5 million in total funding from past rounds led by GV ($20 million), August Capital ($20 million), and Khosla Ventures ($4 million). GitLab’s initial $1.5 million seed round in late 2014 included a handful of investors including former NFL quarterback Joe Montana and actor Ashton Kutcher.
Git vs. Git
The latest funding comes on the heels of Microsoft buying rival platform GitHub for $7.5 billion. That deal drew concern from many in the open source space averse to Microsoft buying control of one of the ecosystem’s largest code repositories.
GitLab itself was most notable in that aversion when it announced plans to migrate its operations from Microsoft Azure to Google Cloud Platform (GCP). GitLab tried to downplay that connection and instead linked it to GitLab’s move to support automated container cluster deployments using Kubernetes through the Google Kubernetes Engine (GKE).
“Our GCP migration is unrelated to the acquisition news,” William Chia, senior product marketing manager at GitLab, wrote in an email to SDxCentral. “We’ve been planning it for a while and announced the migration in April when we launched our native GKE integration.”
GitLab took a swipe at its rival as part of the latest funding news by stating, “As other DevOps tools become locked in to a single cloud, our customers are embracing a multi-cloud future, so their tooling must be independent of any single cloud provider and work across on-premises, private, and public clouds.”
Sijbrandij did note that it had imported more than 100,000 repositories and seen a 7x increase in orders shortly after the Microsoft deal was announced. It was also looking to capitalize on the deal by offering discounts on its top-tier plans.
“Many were satisfied with GitHub, but see that they can do more with GitLab,” Sijbrandij said. “This will create more opportunities and open some doors for us. Anything that gets more awareness on how we are different is good.”