附近上门

Enterprise Startups

Sourcegraph Lands $50M Series C

Illustration of piles of gold coins to represent money

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

Subscribe to the 附近上门 Daily

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 said in an interview with 附近上门 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.

鈥淯niversal code search is something that all of the devs at a company are using constantly,鈥 Slack said. 鈥淪o we鈥檙e not some tool that sits in the corner.鈥

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 , , and .

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.

led the Series C round, and partner will be joining Sourcegraph鈥檚 board of directors.聽

鈥淪equoia has worked with the best developer companies and the best search companies. They invested in famously. Google was the kind of product where you didn鈥檛 know you needed it,鈥 Slack said, adding that鈥檚 what code search is like.

The funding will be used to launch a cloud offering of Sourcegraph鈥檚 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鈥檚 every developer鈥檚 favorite product, and expansion to global enterprise companies, Reed of Sequoia said in an interview with 附近上门 News.聽

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鈥檚 total funding to $98 million.

Illustration: Li-Anne Dias

Stay up to date with recent funding rounds, acquisitions, and more with the 附近上门 Daily.

67.1K Followers

CTA

Discover and act on private market opportunities with predictive company intelligence.

Copy link