Valuation: $9 billion
Business model: software
The company is the operator of DevOps platform enabling its users to work on projects together. Gitlab doesn’t have any corporative office — all the team works remotely. Nevertheless, the startup has reached the valuation of $9 billion and outperformed its competitors. Let’s see how they managed it.
Initially, the idea was to create an alternative to GitHub — a platform where developers shape the future of software, together. GitLab was supposed to be a simpler equivalent with basic functions like code review, issue tracker, and project commissioning. One could set it up for their server
Dmitry Zaporojetz is one of the company’s founders. He was into open-source developing and decided to create a service for his working needs. In 2011, Valery Sizov and Dmitry Zaporojetz came from Ukraine to the US and established Gitlab. Though it was meant to be just a hobby, the project greatly succeeded. In 6 years, the service employed 200 people and participated in Y Combinator.
Gitlab attracted $800 million and during the course of IPO. They also sold 10 million stocks where one stock cost $77 instead of the initial price $66-69. According to Bloomberg, Gitlab is going to be valued at $11 billion.
The startup has managed to attract clients from NASA, CERN, Alibaba, SpaceX, and others. Among its investors there are such companies as Google Ventures, Khosla Ventures, and Aston Kutcher’s fund. The total amount of investments is $45 million.
The company has raised its revenue and structurally expanded. Currently, there are PR and marketing departments, a sales team, security and infrastructure departments. Now GitLab is well-known on the market and considered when selecting a software for the company.
Dmitry asserts the idea is that a developer comes to work, opens GitLab and didn’t need any other products. They want their platforms to substitute all the others when in comes to chat or deployment. The founders are certain they went beyond the competition with GitHub a long ago. The aim now is full DevOps.
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