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COSS Weekly #71

Here's the seventy-first 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 πŸ˜‹ news from the previous week in COSS across: Funding, Content, Jobs, Liquidity and $COSS (Public Markets).

Last week we witnessed the most significant market upswing in nearly 2 years with $COSS up nearly 17%, and some names like GitLab up more than 50%! We also saw $932.9M in funding announcements from ConsenSys, SiFive, Optimism, Akeneo, Rumble, Plural, and Upstash, plus exciting market news, product updates, and conversations on COSS <> Web3!


πŸ’° COSS Funding: $932.9M

  • ConsenSys, a pioneer in Web3 software, announced their $450M Series D led by ParaFi Capital. Link

  • SiFive, designer of RISC-V chips, announced their $175M Series F. Link

  • Optimism, an L2 scaling solution for Ethereum, announced their $150M Series B led by Paradigm and a16z. Link

  • Akeneo, developing solutions for product experience management, announced their $135M Series D led by Summit Partners. Link

  • Rumble, a leader in network discovery and asset inventory, announced their $15M Series A led by Decibel Partners. Link

  • Plural, a unified platform for open-source development, announced their $6M Seed led by SignalFire. Link

  • Upstash, building a serverless data platform for data intensive operations, announced their $1.9M Seed led by Mango Capital. Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "In many ways, I've always thought of ConsenSys' relationship to Ethereum as "what Red Hat is to Linux". Great to see their progress!" Link

πŸ“š COSS Content

  • Bill Gurley: "An open source project managed by the @linuxfoundation is WAY MORE benevolent than a DAO project backed by VCs. #justsaying" Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "Latest blog I've written in a long while: "Decoupling Tokens from Blockchains" β›“οΈπŸ”“πŸŒ" Link

  • Mitchell Hashimoto: "I'm often asked how I approach, learn, and ultimately contribute to existing complex software projects. This applies to open source as well as non-OSS work. I decided to write and share my process for learning and contributing to complex projects:" Link

  • debricked: "Why travel alone when you can travel together? ⭐️ We are joining the @MicroFocus family and will work together in the @MicroFocusSec division to make open-source safer and easier to use for companies! We can't wait to see where this journey takes us!πŸš€πŸͺ" Link

  • The OSS Startup⚑️: "⚑️NEW OSS Startup Podcast Episode ft. @julien_c, Cofounder & CTO of @huggingface⚑️ Full episode -->" Link

  • Grafana: "πŸ“Ί Our CEO and co-founder Raj Dutt (@nopzor) stopped by the Nasdaq San Francisco office to discuss our growth and what sets Grafana Labs apart from others in the observability space. #enterprisetech30" Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "Earlier this evening, @naval was very kind to answer my question "What role will open source play in the transformation of Web2 to Web3?" --- Here's the snippet πŸ™πŸΌ" Link

  • Gamestonk Terminal: "A very good post from one of our contributors on how he has created his investment thesis relying on our terminal:" Link

  • Hal: "Good news everyone! The world's first 64-bit RISC-V portable terminal is available now πŸ‘‰ RISC-V ecosystem is growing fast, pleased to provide you with the latest, usable, low-cost RV64 module and #DevTerm kit. Happy HackingπŸ––#clockworkpi #riscv @risc_v" Link

  • "another month another release! πŸŽ‰ v.1.4 includes a ton of bug fixes and minor features that'll make your scheduling experience just a tiny bit nicer. Go check out the changelog:" Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: " Trillian is the future of "blockchain" technology." Link

  • Plausible Analytics: "Google just announced they'll kill Universal Analytics next year! "All standard Universal Analytics properties will stop processing new hits on July 1, 2023". Time to switch to Plausible! 😎" Link

  • John Gordon MD: "Automattic: "Five percent of the 2,000 employees work full-time contributing to open-source." My favorite large tech company by far." Link

  • CZ πŸ”Ά Binance: "Zelensky signs law on legalization of virtual assets in Ukraine" Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "Honored and delighted to join this "Open Core vs. Open Source" panel with my friend @DivaDanese, hosted by my other friend @kelseyhightower ❀️" Link

  • The OSS Startup⚑️: "⚑️Our 20th Open-Source Startup Podcast is LIVE⚑️ We have an awesome conversation with @ellenchisa of @darklang Check it outπŸ‘‡" Link

  • Dominic Monn πŸͺ‚: "Commercial open-source is a thing and I love it. Here's the models COSS are using to be profitable and growing. - Brandable domain for rent (@calcom) - Tedious hosting as a service (@n8n_io) - Templates / Education (@tailwindcss) - High-availability hosting (@rocketchat)" Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "All COSS startups are "Web3" startups (users control data, tech, and computation). Not all COSS startups are necessarily "crypto" startups (blockchain-based)." Link

  • Andrew Chow: "Ethereum has changed the world--but not necessarily in ways that its creator, @VitalikButerin, agrees with. My TIME cover story on one of the most fascinating -- and arguably important -- people on earth:" Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "Very reminiscent of the early days of @kubernetesio reaching a tipping point in complexity ... this is from a core maintainer of @ethereum:" Link

  • Bruce Perens K6BP - I Stand with Ukraine: "It's kind of fun that something that I made up close to 25 years ago now has the force of law. via @GoogleNews" Link

  • Podcast Notes πŸ—’οΈ: "This week @naval did a Twitter Spaces, here are our NOTES 🧡" Link

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "Transitioning from head-only commit streams to building tested releases + adopting a versioning cadence (ie. semver) is a big "upleveling" milestone for new open source (even closed) software projects. Focusing on OSS devs --- what factors cause this transition to occur?" Link

πŸ’Έ COSS Liquidity (M&A + IPOs)

  • Joseph Jacks (JJ) πŸ‡ΊπŸ‡¦: "Over the last several weeks and months of carnage, this has been a common sight in $COSS (open core public company "index"). So --- What's special about ⁦@qtproject⁩ / $QTCOM? They are profitable with 20% net margins." Link

  • Jamin Ball: "GitLab quarter. Impressive acceleration and DBNR - $78M rev (+69% YoY) vs $70M consensus (11% beat) - $78M next Q guidance vs $73M consensus (6% raise) - Last Q grew 58% YoY - 152% net retention - 17 months GM adj. CAC payback - 88% GM - (6%) FCF Margin $GTLB" Link

  • The Register: "RISC-V's SiFive sells connectivity IP to Alphawave" Link

  • Ed Sim: "Reminder of time it takes to execute a developer first, land and expand model + how even cos like @MongoDB focus on atomic units of value, in this case, # of workloads - incredible scale at $1B ARR + >120% Net Retention" Link

  • Gabe Monroy: "Thrilled to announce our acquisition of @css to help advance education for developers across the globe. 🌎" Link

  • Austen Allred: "$300m ARR, 69% YOY growth, 152% NRR, 89% gross margin... $5B market cap (16x revenue). There must be something I'm missing, because if I were a late stage investor and I saw this company trading at 16x ARR I'd buy as much as I could get my hands on." Link

πŸ› οΈ COSS Jobs

No COSS Jobs this week.

πŸ“Š $COSS - Public Markets

  • $COSS markets up 16.95% last week

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

Koyfin market data

Top comments (1)

dinerdas profile image
Diner Das

Great update!