Announcing our $44M fundraise to further enable the AppSec Shared Responsibility Model
Today, on behalf of the entire GitGuardian’s team, I am thrilled to share the news that GitGuardian has raised a $44M Series B led by Eurazeo and Sapphire with participation from existing investors Balderton, Fly Ventures, and BPI. This brings our total investment to date to $56M!
It has been an amazing ride!
Since our last funding round:
- We’ve successfully launched and marketed our second product, GitGuardian Internal Monitoring. This product really complements our existing GitGuardian Public Monitoring product. Proof of this is that cross-sells to our existing customer base already led this new product to account for almost half (40%) of our revenue, just 12 months after it was launched!
- Our customers want more of GitGuardian: we’re proud to announce a healthy 140% Net Dollar Retention this year! Our customers spend more with us over time.
- We’ve quadrupled our recurring revenue each year during the last two years! And even more exciting to us is who our customers are: we are humbled to have some of the most technical and thoughtful organizations in the world as customers, the types of organizations that lead the DevSecOps space.
- We are the #1 code security application on GitHub, and by far, with 131k installs on GitHub as of Dec 1st (compared to 70k installs for the #2). All categories considered, in terms of numbers of installs, GitGuardian ranks alongside iconic developer-oriented companies such as Travis CI, Circle CI or ZenHub.
This is just the beginning
Once more, GitGuardian confirms its industry lead in Secrets Detection, one of the key pillars of the modern code security landscape. No company in the world is attracting more revenue than GitGuardian on this segment, more capital, and more individual developers and users.
The Secrets Detection market in itself is huge already: it is worth, conservatively, more than $10B in 2025. But as software eats the world, a new way of developing software - continuous, based on cloud and microservices - has created new types of vulnerabilities, and new ways to remediate them, that open a $50B - $100B code security market:
- Developers use so many constantly evolving technologies (languages, frameworks, tools) that traditional security tools that aren’t built with flexibility as a core principle are unable to keep pace.
- Security is no longer a concern that is addressed at the end of the Software Development Life Cycle, but security is continuously addressed throughout the development, in a collaborative way involving sec teams, developers and cloud ops. This new Application Security Shared Responsibility Model is the only approach that really scales, as the amount of vulnerabilities is proportional to the size of the development team.
In order to address these new challenges, core to what the GitGuardian team has built so far is:
- A powerful yet flexible rules engine that is currently doing secrets detection, that will be extended in 2022 to encode a wide variety of vulnerabilities.
- The largest code security developer community on GitHub. We achieved this by constantly having developers’ best interests (such as their productivity and eagerness to learn) in mind. GitGuardian focuses on raising high severity, high precision security issues that developers care about greatly.
- A product truly built with the large enterprise customer in mind (probably the most difficult part!): GitGuardian is able to monitor tens of thousands of developers/repositories without performance issues, we have programmatic incident lifecycle management that really scales, we’re tightly integrated with enterprise remediation workflows, our product is also available on-prem, etc.
Come join our team!
Building a « company of consequence » (to paraphrase one of our investors Sapphire) in such an innovative emerging space takes a great team.
In many ways, our team is very special.
We are 60 people, all based in Paris, signing 6-figure deals (and soon 7-figure!) with Fortune 500 companies that startups can’t usually win. If you think of 60 people who find leaks sometimes worth tens of millions of dollars in potential damage, involving governmental organizations from all over the world, publicly listed companies, etc. you see a huge disproportion between the size of our team and what is at stake here.
We have 100 open positions to fill in 2022, across the US and EU!
As a team, we are bound together by a passion for learning together and teaching others. As a company growing at an incredible pace, we promote autonomy, ownership, daring and failing, always with ambition and humility. As a cyber company, we are privileged to be trusted for our professionalism and discretion.
Since incorporation, we have always reserved a substantial amount of GitGuardian capital to our team members in the form of stock options granted upon their arrival, so that everyone can hold shares of the company and be part of the adventure.
To join the team and help us build code security for the DevOps generation, visit careers@gitguardian.com
What our investors say about it:
Nicolas Debock, Eurazeo
We are really proud to join the GitGuardian adventure by leading this new financing round that will give the company the ability to serve its fast-growing customers base from the USA to Japan. Code security is a key element of the DevSecOp stack and with the quality of its solutions, GitGuardian earned the trust of 100 of thousands of developers around the globe. We are committed to supporting the company for the next growth phases of the company.
Andreas Weiskam, Sapphire
Corporate security is a top priority for every single organization around the world, which is why we’re thrilled to back GitGuardian, a leader in real-time secrets detection and security policies enforcement. Founders Jeremy and Eric have built a truly developer-focused product that addresses security vulnerabilities associated with API keys, certifications, usernames and passwords—to name a few. We’re looking forward to GitGuardian capitalizing on the market opportunity, and helping Jeremy, Eric and team build a category-defining company of consequence.”
Suranga Chandratillake, Balderton
GitGuardian is one of the fastest-growing enterprise software companies in our portfolio and the take-up from global enterprises is nothing short of remarkable. The company's ground-up adoption via developers - GitGuardian is Github Marketplace's most popular security app by a significant margin - also demonstrates just how much of a challenge AppSec is in the new world of software development.
Scott Chacon co-founder @GitHub and investor in GitGuardian
GitGuardian undoubtedly is the most advanced secrets detection solution out there. With its industry lead in one of the most important code security verticals, GitGuardian is now in pole position to be a future leader in the overall code security market!”