GitLab is worth 1 billion dollar after new investment round

We are extremely proud that Utrecht startup GitLab is doing so well. The open source code platform has raised 100 million dollars (85 million euros) in a new investment round, catapulting the company into the unicorn club with a valuation of more than $1 billion. Gitlab is currently based in San Francisco, but started out as a Utrecht startup.

In 2009 founder Sytse Sijbrandij was with his AppAppeal at UtrechtInc. In 2011 Systse founded Gitlab together with Dmitriy Zaporoze. The first investment in this startup was made from the Rabo Pre-seed Fund of UtrechtInc. Since then their team has expanded considerably and they conquer the world with an online system for managing and collaborating on software programming. In July 2015, Gitlab received $1.5M from Ashton Kutcher, 500 startups and a number of other funds.

New funding round

The new funding round was led by Iconiq Capital, the Silicon Valley fund that is an investment vehicle for the founders of Facebook Inc, LinkedIn and Twitter Inc, Google parent company Alphabet and Iconiq, which previously also invested in the Dutch company Adyen, are also among the financiers.

Alphabet's investment is particularly interesting, because earlier this year Alphabet lost the battle for Gitlab competitor Github to Microsoft. At the time, Microsoft's acquisition of Github caused Gitlab to significantly increase its number of users.

Moving out of Utrecht

Gitlab moved from Utrecht to San Francisco in 2015 after participating in the American incubator Y Combinator, for which they spent three months in Silicon Valley. In an earlier interview with Computable, CEO Sytse Sijbrandij said about the move to San Francisco. "Many of our customers, partners and media are here.  I chose San Francisco over Silicon Valley. Younger people in particular are attracted to the city. In communities like Mountain View, it's so quiet at night that you can shoot a cannon. It's also easier to rent a small apartment in the city than in the Valley."