Briefing

The Briefing: GitLab Shares Jump, Evolution Equity Raises $400M Fund, And More

Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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GitLab shares jump

Shares of San Francisco-based GitLab jumped nearly 35 percent in first-day trading—even after the DevOps company priced its shares well above its revised range.

The share price give the company a market cap of $14.9 billion.

Shares closed at $103.89 on the Nasdaq. The company, a provider of development and collaboration tools for programmers, priced its initial public offering late Wednesday at $77 a share. That was well above its revised price range of $66 to $69, which was already up from its original range of $55 to $60.

The new pricing allowed the company to raise $800 million through the offering.

GitLab filed an S-1 registration statement with the U.S. Securities and Exchange Commission last week that showed revenue of $108 million for the six-month period that ended on July 31, 2021, up from $63.9 million during the same period in 2020. Net losses grew from $43.5 million during the same six-month period in 2020, to $69 million in the six-month period that ended July 31, 2021.

GitLab raised nearly $415 million in funding when it was a private company, according to Crunchbase data. August Capital, GV, Khosla Ventures and ICONIQ Capital are among its largest shareholders.

— Chris Metinko

Evolution Equity Partners raises $400M for cybersecurity-focused fund

Evolution Equity Partners, a venture firm focused on cybersecurity and enterprise software, has raised $400 million for its newest fund, Evolution Technology Fund II.

The fund will make investments in the range of $10 million to $50 million in early- and growth-stage companies in cybersecurity and in companies utilizing machine learning, big data and SaaS to build market-leading platforms. The firm operates out of hubs in New York, Palo Alto, London and Zurich.

According to Crunchbase numbers, just more than $14 billion now has been invested in cybersecurity year to date— far outpacing the then record-breaking $7.8 billion raised by security companies last year.

— Joanna Glasner

TradingView hits $3B valuation after $298M raise

New York-based TradingView, a social network and charting platform for investors and traders, closed a $298 million investment round led by Tiger Global Management. The new round values the firm at $3 billion.

The company, which has paying customers in over 180 countries, has reported a 400 percent increase in created accounts in the last 18 months.

TradingView will use some of the new proceeds to further build broker relationships and is expecting to integrate with major brokerage platforms over the next few years to allow consumers to trade directly from its platform.

— Chris Metinko

Fintech app for the underbanked Tala raised $145 million

Los Angeles-based Tala closed on a $145 million Series E funding led by Upstart. The Stellar Development Foundation participated alongside new investors Kindred Ventures and the J. Safra Group. Existing investors IVP, Revolution Growth, Lowercase Capital and PayPal Ventures also participated in the funding. 

Tala first launched in Nairobi in 2014 to provide access to money management and credit. The Tala mobile app is available to Android phone users in Kenya, the Philippines, Mexico and India. Tala has provided $2.7 billion in credit to 6 million customers. Over 12,000 users sign up daily for the service. 

With this financing Tala is planning to expand its product offering by adding crypto, as well as increasing the number of countries in which it operates. 

— Gené Teare

Outschool lands $110M for K-12 education marketplace

San Francisco-based edtech startup Outschool said it raised a $110 million Series D round at a $3 billion valuation for its marketplace of K-12 online classes. The round was led by previous investor Tiger Global Management and adds BOND. Lightspeed Venture Partners, Union Square Ventures, Reach Capital, Coatue, FundersClub and SV Angel 1also participated. 

— Marlize van Romburgh

SumUp acquires Fivestars

London-based payment processing provider SumUp announced it is acquiring San Francisco-based Fivestars, provider of a platform for merchants to extend promotions and loyalty rewards to customers, in a deal valued at $317 million. Founded in 2010, Fivestars previously raised at least $115 million in known funding, per Crunchbase data.

— Joanna Glasner

Illustration: Dom Guzman


  1. SV Angel is an investor in Crunchbase. It has no say in our editorial process. For more, head here.

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