Today we’re taking stock of a cohort of special companies: still-private startups that have reached $100 million in annual recurring revenue (ARR).
We explored the idea earlier this week, citing Asana, Druva and WalkMe as private companies that recently reached $100 million ARR.
GitLab became a unicorn back in September of 2018, when it raised $100 million at a $1 billion post-money valuation.
Its more recent $268 million Series E raised this September pushed that valuation to nearly $2.8 billion.
It’s a good company for us to include, as it provides a good example of how far in advance a $1 billion valuation can precede a $100 million ARR business; in GitLab’s case, provided that it grows as expected, its unicorn valuation came nearly 1.5 years before reaching nine-figure ARR.
Revenue, in his view, is “much more within your control.” According to Sijbrandij, GitLab is aiming for $1 billion in revenue in 2023 and has a November, 2020 IPO targeted.