The software-cum-ops company said it was valued at $2.75 billion in the funding round

GitLab has raised $268 million in new funding. Goldman Sachs and IconiQ Capital have led the latest round. It also attracted investments from both existing and nine new investors, including Y Combinator Continuity Fund.

DevOps is a set of software development practices that combine software development (Dev) and information-technology operations (Ops). The aim is “to shorten the systems development life cycle while delivering features and updates frequently in alignment with business objectives,” according to Wikipedia.

DevOps Scope

GitLab foresees the DevOps tools market to triple by 2023 from $5.2 billion last year to $15 billion, quoting IDC.

Keeping in view the growth prospects, the company decided to avail additional funding.

The company said over 100,000 organizations currently use GitLab. Big names include Charter Communication, Delta Air Lines, Goldman Sachs, Nvidia, and Ticketmaster.

GitLab’s Annual Recurring Revenue (ARR) is growing at a solid 143% rate, signifying strong demand and customer satisfaction.

Funding utilization

GitLab will deploy the new funds to develop its platform and boost its workforce across product, marketing, and sales. Speaking to VentureBeat, chief revenue officer Michael McBride said the funding will advance the company’s security, monitoring, and other capabilities.

Meanwhile, McBride said the company intends to become the best in class in each software development category offered on its platform.

Finally, GitLab has already declared its intention to issue its IPO on Wednesday, November 18, 2020. It does not anticipate further funding before the said date.