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Gitlab Raises $100 Million, Eyes 2020 IPO

DevOps service provider Gitlab announced today that it has raised $100 million in Series D financing. The round, led by Iconiq, boosted the company’s valuation to $1.1 billion, post-money.

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Founded in 2014, the company previously raised $45.5 million from investors. Gitlab’s previous investors include Google Ventures (GV), August Capital, Khosla Ventures, and Y Combinator, among others. Its Series D comes on the heels of Microsoft acquiring Github, Gitlab’s primary competitor. That deal totaled $7.5 billion for the company that had raised $350 million during its lifetime.

Though the company is commonly compared to Github, Gitlab is looking to differentiate itself, according to reports. The company says it has a more comprehensive platform than its competitors, offering end-to-end services ranging from planning and creation to monitoring and application security testing. The company offers various pricing packages ranging from a free basic package to a full service, gold package for $99 per month per user, which is billed annually.

Gitlab’s CEO Sytse Sijbrandij told reporters that it has plans to IPO in November of 2020 and that the company is already planning on fundraising again prior to that event in the beginning half of next year. According to TechCrunch’s coverage, the company might still consider an acquisition at the right price point, but its sights are currently set on that public debut.

The company plans to use the capital to launch new features and focus on engineering.

iStockPhoto / gmast3r

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