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GitHub raises £64 million in funding

Open-source coding start-up GitHub has raised $100 million (£64 million) in its first round of funding, valuing the four-year-old company at $750 million (£482 million).

GitHub CEO Tom Preston-Warner said the funding will be used to grow its staff and help the company expand its reach to mobile platforms. “We want GitHub everywhere—whether you use Windows or Mac or Linux or some futuristic computer phone that hasn't been invented yet,” Preston-Warner wrote in a blog post.

“We want to keep changing the way software is developed for the better by making collaborating easier and sharing a no-brainer,” he added.

The investment is GitHub’s first and venture capital firm Andreessen Horowitz’s largest to-date. Andreessen Horowitz general partner Peter Levine will join the start-up’s board.

“With only a handful of people in sales and marketing, the four grew the company to over 100 people, while growing revenue at nearly 300% annually—and profitably nearly the entire way,” Levine wrote in a blog post. “They took an old technology category and turned it on its head.”

GitHub is currently home to more 3.1 million software projects, developed by some 1.7 million users. The company allows users to host open-source software projects for free, but charges from $7 (£4.50) per month for premium accounts that offer private code repositories. GitHub also offers a more comprehensive service for business and enterprise clients that range from $25 (£16) to $200 (£128) per month.

The investment is the latest in a string of sky-high valuations that some analysts believe could be evidence of a tech bubble in Silicon Valley.