The Paris-based Btob editor of a tool for protecting sensitive data hosted in the cloud has raised just over €39m from Eurazeo and Sapphire Ventures, which together with the company’s historical shareholders, value the company at just over €156m.
Article CF NEWS BY RODOLPHE LANGLOIS Published on 7 Dec 2021 at 14:00
GitGuardian’s international dimension is set to grow further in the coming months. Born in 2017, this publisher of an automated detection solution for secrets hosted in the cloud has generated 75% of its revenues in the United States since its first round of funding in 2019, which has remained confidential (see below). The company, co-founded by Jérémy Thomas and already sponsored by Balderton Capital, Bpifrance and Germany’s Fly Ventures, is opening up directly to Eurazeo and Californian VC Sapphire Ventures in its series B round, which amounts to just over €39m ($44m). Alongside these two investors, who were also involved in Andjaro’s third round last year (see below), several of the company’s historical shareholders have taken the opportunity to strengthen their positions. Together, they value the Paris-based software publisher at just over €156m ($177m), three times more than two years ago. The whole process was quick,” says Jérémy Thomas, “since it took us a month to obtain our first term sheet. After that, we had to turn down proposals from five investment funds.
A first branch in the US
Within the source code security market, which is expected to reach between $50 and $100 billion by 2025, GitGuardian operates in a niche vertical, DevSecOps, estimated at $10 billion, i.e. the automated detection and identification of leaks of sensitive authentication data processed daily by developers. Its international clients include Talend, Mirantis, Instacart, Genesys, Now:Pensions and Maven Wave, “which spent an average of $140K this year,” adds the executive. We are the number one source code security application on GitHub in terms of number and installation, with 130,000 downloads.” The company, which employs 60 people, wants to take advantage of its funding to add other types of vulnerability, and thus move into adjacent verticals by 2022, which form a “very fragmented” market, in which the Israeli start-up Checkmarx, in particular, is operating. GitGuardian should also open its first foreign office next year, with the creation of an office in Texas, headed by Jérémy Thomas. The publisher could also launch a recruitment campaign for a hundred people by 2022.