Enterprise Startups

Sourcegraph Lands $50M Series C

Illustration of piles of gold coins to represent money

Sourcegraph, a code search startup for developers, has secured a $50 million Series C, the company announced Thursday. 

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Sourcegraph makes it easier for developers to find code, which is scattered across systems. With the new funding, the company wants to make universal code search even more universal, CEO Quinn Slack said in an interview with Crunchbase News. That means supporting more types of code, supporting companies with code from decades ago, and having more support for the top 40 languages that Sourcegraph works with.

“Universal code search is something that all of the devs at a company are using constantly,” Slack said. “So we’re not some tool that sits in the corner.”

Since the company raised its Series B round–$23 million in March and $5 million in July–it has quadrupled its annual recurring revenue with 245 percent net ARR retention, according to a statement from Sourcegraph. Its customers include companies like Amazon, PayPal, Uber and Plaid.

While the company didn’t need to raise money, Slack said the funding will help the company hire the best employees around the world and tackle the issue of Big Code. Sourcegraph, which was founded in 2013, is based in San Francisco.

Sequoia Capital led the Series C round, and partner Andrew Reed will be joining Sourcegraph’s board of directors. 

“Sequoia has worked with the best developer companies and the best search companies. They invested in Google famously. Google was the kind of product where you didn’t know you needed it,” Slack said, adding that’s what code search is like.

The funding will be used to launch a cloud offering of Sourcegraph’s universal code search and to hire more employees. The company, which is fully remote and pays a location-agnostic salary, currently has 80 employees and plans on reaching a headcount of about 200 or more by the end of next year, Slack said.

The next phase for Sourcegraph is growing it so that it’s every developer’s favorite product, and expansion to global enterprise companies, Reed of Sequoia said in an interview with Crunchbase News. 

The company was a on a great trajectory before this year, and now that the COVID-19 pandemic has made every company a software company, Reed said, Sourcegraph’s tools are only getting more important.

The Series C round brings Sourcegraph’s total funding to $98 million.

Illustration: Li-Anne Dias

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