GitHub Valued at $750M With First Outside Funding Ever
Coding collaboration start-up GitHub has raised $100 million from Andreessen Horowitz in a highly competitive deal.
Many venture capitalists had hoped to snag GitHub for their trophy portfolios. The company has been bootstrapped and profitable for the past five years, while becoming crucial to many companies’ tech operations, and a sort of living resume for coders.
While over half the code hosted on GitHub is open source and free, the company makes its money by charging companies for private code repositories.
“We knew that GitHub was going to work as a company when during the private beta people started offering to pay,” said CEO Tom Preston-Werner. “We made thousands the first day we launched.”
GitHub has 100 employees, approximately half of whom work remotely. It has 1.7 million users on its hosted site (it also offers an installable version) with just more than three million code projects.
“We have a list of features a mile long,” Preston-Werner said. “The money is going to help us find the very best people.”