Universal Code Search Company Sourcegraph Raises $50 Million

By Dan Anderson ● December 8, 2020
  • Sourcegraph — a leader in Universal Code Search — announced that it has raised $50 million in Series C funding led by Sequoia Capital

Sourcegraph — a leader in Universal Code Search — announced that it has raised $50 million in Series C funding led by Sequoia Capital. And Sourcegraph will use the new funds to address the increasing demand for Universal Code Search, thus empowering developers to better manage the challenges of Big Code. And Sourcegraph also announced that Andrew Reed, partner at Sequoia, has joined the company’s Board of Directors.

Big Code is known as one of the most pressing innovation blockers facing developers and enterprise brands today. And as code continues to grow rapidly in volume, variety, velocity, and value, companies’ speed of innovation becomes more and more dependent on developers’ ability to efficiently manage code across large and complex codebases.

And Sourcegraph’s Universal Code Search improves developer productivity with critical code navigation and contextual code intelligence that integrates with any stack, thus providing a single place to find, update, patch, or share code across repositories, languages, tools, and platforms.

In the past two months, companies have used Sourcegraph to search across 11 billion lines of code and 5 times more than the total lines of code in Google’s entire codebase. And Sourcegraph signed some of the world’s largest brands in 2020, including 26 major enterprise customers with zero enterprise churn.

Since Sourcegraph’s Series B in March 2020, the company has grown significantly, increasing annual recurring revenue 4x with 245% net ARR retention. And the company also more than doubled its fully remote team and plans to scale to 100 teammates by January 2021. Including this round of funding, the company has raised a total of $98 million in funding to date.

KEY QUOTES:

“We’ll use this additional funding to ensure long-term independence and make Universal Code Search an even more powerful tool for developers everywhere. We plan to invest $10M into code intelligence for deeper analysis of the top 40 programming languages, $20M into a secure and scalable Sourcegraph Cloud for large enterprises, and make similar-sized investments into code insights and campaigns.”

— Quinn Slack, co-founder and CEO at Sourcegraph

“Every company is facing Big Code problems, and Universal Code Search is the common solution. Sourcegraph has built a beloved product and is the emerging market leader in code search. Sourcegraph’s Universal Code Search essentially serves as ‘Google for developers,’ empowering engineering teams to quickly traverse massive codebases and find and analyze the impact of specific lines of code. Sourcegraph is a must-have productivity tool for all developers and will become the system-of-intelligence for code.”

— Andrew Reed, partner at Sequoia

“Millions of users around the world rely on Atlassian products every day to collaborate. Sourcegraph helps our engineering teams better manage code in order to build and ship quality products to our customers faster.”

— Sri Viswanath, Chief Technology Officer at Atlassian