Ukrainian GitLab files for an IPO on the US stock exchange

GitLab has filed to go public. The exact date of the listing has not yet been announced.

  • The company plans to list under the ticker GTLB on the American stock exchange NASDAQ, where shares of many technology companies are traded.
  • The documents that the company provided with the application contain data on the financial achievements of GitLab, which the company has not disclosed before. GitLab’s revenue in the last quarter was $58 million, the loss — about $40 million. As CNBC reports, the revenue for the year could exceed $200 million.

In 2019, startup GitLab raised $268 million, its valuation rose to $2.7 billion. According to CNBC, the company’s valuation rose to $6 billion in 2020. In total, GitLab has raised over $400 million in investments since its inception.

Investments in GitLab

  • 2015: $1.5 million, Seed round. Investors: 500 Startups, Crunchfund, Ashton Kutcher’s Sound Ventures, Liquid 2 Ventures, and Khosla Ventures.
  • 2015: $4 million, Series A round. Investor: Khosla Ventures.
  • 2016: $20 million, Series B round. Investors: August Capital, Khosla Ventures, and Y Combinator.
  • 2017: $20 million, Series C round. Investors: GV (formerly known as Google Ventures).
  • 2018: $110 million Series D round at a $1.1 billion valuation. Investors: Iconiq Capital, GV, and Khosla Ventures.
  • 2019: $268 million at a valuation of $2.7 billion.

Back in 2019, GitLab representatives said they planned to go public in 2020. However, the pandemic disrupted the plans, and the offering was postponed for more than a year.

The founder of the startup is Dmytro Zaporozhets from Kharkiv. He joined GitLab in 2011, having a full-time job. Zaporozhets decided to create an alternative to GitHub, which could be installed on his server because the analogs were too expensive. In 2013, a second funder, Dutch entrepreneur Sid Sijbrandij, joined the startup. From that moment, they started working on GitLab full-time.

One of the characteristics of the company is that it works completely remotely. Moreover, this is how the company developed from the very beginning, not during the pandemic. We previously told how GitLab managed to build and organize remote work for 1,500 people.

Despite the international team, the founder of the company Dmytro Zaporozhets, in an interview with AIN.UA, said that he sees GitLab as a Ukrainian startup. His fortune is already estimated at hundreds of millions of dollars.