These former Red Hat employees just got $25 million to try to find a new business model for open source software
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These former Red Hat employees just got $25 million to try to find a new business model for open source software
Back in the early 2000s, people would balk at the notion of using free, open source software to run a serious business — companies like Red Hat, which bet its business model on the concept, were seen as oddities. But times have changed: Open source software is key to most modern computing infrastructures. And over a decade later, IBM plans to acquire Red Hat for a colossal $34 billion.
Now, a group of former Red Hat employees have co-founded Tidelift, a startup that wants to repeat the trick and pioneer a new business model for open source software. To that end, Tidelift announced on Monday $25 million in new funding from General Catalyst, Foundry Group, and former Red Hat CEO Matthew Szulik.
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Tidelift Raises $25M Series B Just Seven Months After Last Funding
Tidelift, a startup focused on helping developers work with open source technology, announced today the close of a $25 million Series B round of funding just seven months after its last raise.
The Boston company has now raised a total of $40 million since it was founded in 2017.
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Tidelift’s “Netflix for Open-Source Software” Model Gets $25M Boost
Tidelift, a startup trying to solve some of the open-source software industry’s problems around compensation and security, said it wrapped up a $25 million investment to gather more publicly maintained software projects under its umbrella.
The Boston-based company, founded in 2017 by four Red Hat vets, said it is trying to recreate what Red Hat (NYSE: RHT) did with the Linux open-source computer operating system—but with as large a swath of the open-source realm as possible.
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Open source monetization startup Tidelift raises $25m series
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Open source startup Tidelift grabs $25 mln Series B
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Former Red Hat CEO Backs Tidelift’s $25M Series B
Open source software company Tidelift raised $25 million in a Series B funding round, which followed closely on the heels of its $15 million Series A just seven months ago. General Catalyst, Foundry Group, and former Red Hat Chairman and CEO Matthew Szulik co-led the Series B. All three investors also co-led the startup’s Series A.
The Boston-based company provides support services for open source projects including JavaScript, Java, Python, Ruby, Apache Struts, and Mongoose by partnering with project maintainers.
Its business model works like this: companies pay Tidelift a subscription, and in return they receive professional support for the open source projects they use from the developers who created and maintain these projects. This includes security updates, maintenance, and legal assurances.
Tidelift, in turn, pays the developers to provide this support. And this cycle “makes open source work better for everyone,” wrote co-founder and CEO Donald Fischer in a blog about the Series B. “More than 35 million open source repositories now depend on packages that are included in the Tidelift Subscription.”
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