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COSS Weekly #47

COSS Weekly, Issue #47: September 19th, 2021

Here's the forty-seventh issue of COSS Weekly, the global commercial open source (COSS) company category newsletter, brought to you every Sunday afternoon (Pacific Time) by the team at OSS Capital, creators and stewards of COSS Community and Open Core Summit.

We deliver only the most fresh 😋 news from the previous week in COSS across: Funding, Content, Liquidity and $COSS (Public Markets).

This last week saw $58M in funding for StreamNative and Tyk, JFrog's acquisition of Upswift, ForgeRock's IPO, and an S-1 filing from GitLab!

Enjoy!


💰 COSS Funding: $58M

  • StreamNative, the unified messaging and streaming platform from the creators of Apache Pulsar, announced their $23M Series A led by Prosperity7 Ventures. Link

  • Tyk, building an innovative API Management Platform, announced their $35M growth equity investment led by Scottish Equity Partners. Link


📚 COSS Content

  • Join the upcoming Open Source Data Stack conference, Sep 28 - 30, all online and free to attend. The first conference focused on building the modern stack with open source data solutions. It will have concrete use cases throughout the data pipeline from leading open source projects. Link

  • Mitchell Hashimoto: "Generally speaking, if a startup is acquired by a private equity firm, abandon ship. I imagine there are "good" PE firms out there (maybe?) but the vast majority are driven by profit above literally all else so its safe to just assume ill intent. (Re: Travis security today)" Link

  • The Monsters are Coming. Quick reads on Snyk, Databricks, MongoDB, Confluent. from OSS Newsletter. Link

  • Community Is The Key To Investor Funding For Open-Source Startups*by Bill Mann.* Link

  • Mitchell Hashimoto: "I found my Slack message I sent in a HashiCorp channel two years ago when Travis announced their acquisition. I hoped for the best, but it looks like almost all of this came true. But you don't have to be Nostradamus to guess that a die with 6 on 5 sides will prob roll a 6." Link

  • Ed Targett: "Great to see @streamnativeio (the guys behind Apache Pulsar) raise $23m in their Series A today. We're making them our 6th "one to watch". https://thestack.technology/streamnative-apache-pulsar-turnkey-enterprise/ #pulsar #apachepulsar #kubernetes #cloudnative #startups #fundingnews" Link

  • JJ: "COSS as a category has officially raised > $10B in VC funding to-date in 2021. By a very large margin, this is unprecedented! We will cover all the latest data points and more at the THIRD annual @OpenCoreSummit 2021 this December!" Link

  • peer_rich: "We've been heads-down working on something epic. Today @calendso is relaunching our v.1.0 as http://cal.com. Claim your username before someone else does!" Link

  • JJ: "ALL community-driven startups (COSS, in particular) should have THREE "allocations" on their cap tables: Angels (5%~ of raise), Standard ESOP (15%~), Standard, Stakeholder Allocation (1-3% of a given raise), NEW. What's a "Stakeholder" Allocation? ... " Link

  • Grafana: "The API that powers Grafana Cloud gets 3,288,092,357.417505 requests per week." Link

  • David Wells: "This is an interesting idea... Encode files into a single image https://github.com/EtherDream/web2img. Turn your source code into NFTs Consider the open source funding problem solved" Link

  • Kevin Bland: "A conversation about open source design and ethical funding http://dlvr.it/S7dZgZ." Link

  • JJ: "open source NFT marketplaces FTW." Link

  • How GitHub COO Erica Brescia runs the coding gold mines by Tom Krazit. Link


💸 COSS Liquidity (M&A + IPOs)

  • JFrog acquires Upswift, bridging the gap between DevOps and IoT. Link

  • JJ: "Upcoming COSS IPO this week: @ForgeRock. Anticipated $1.8B ~ valuation - Founded in 2010 - $100M+ in revenue - Based on several key open source (CDDL) identity/access tools: OpenID, OpenLDAP, OpenIDM ++ - These tools were forked from Sun after the Oracle acquisition." Link

  • JJ: "$FORG Congrats to @ForgeRock on successfully raising $275M at a $2.4B fully diluted valuation on $155M+ in ARR, growing 30%! https://sec.gov/Archives/edgar" Link

  • JJ: "HUGE day for COSS: @gitlab S-1." Link

  • Chetan Puttangunta: "Great to see GitLab at $233M revenue run-rate filing to be a public company alongside other large independent public open-source companies like MongoDB, Elastic, Confluent, and JFrog. Just a few years ago, Red Hat was the only public independent open source software company." Link

  • Jamin Ball: "Congrats to @gitlab on their S-1 filing! A modern DevOps platform $GTLB - $196M LTM Revenue (+74%) - 69% last Q YoY growth - 88% gross margin - (106%) Op Margin - (31%) FCF Margin - 152% DBNR - 29 months GM adj CAC Payback - $40B TAM." Link


📊 $COSS - Public Markets

  • $COSS markets up 0.93% last week

  • Latest $COSS markets snapshot below as of market close last Friday courtesy of Koyfin.

Koyfin Market Data

This issue of COSS Weekly is brought to you by Mayfield Fund

Mayfield Fund Graphic

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