Last Coder valuation
$210M
Series B · Jun 2024
Last Coder funding round
$90M
Series C · Mar 2026
Cumulative funding Coder raised
$173M
across 5 funding rounds
Key investors in Coder
Redpoint
Uncork Capital
Notable Capital
Founders Fund
KKR
Capital Factory
About Coder
Coder is an Austin-based company that delivers an open-source platform for configuring, securing, and scaling remote development environments. Founded in 2017, it supports developers with self-hosted workspaces compatible with VS Code and JetBrains IDEs. The enterprise edition caters to teams at organizations like NASA and Dell, offering features such as template-based environment provisioning, audit logging, and integration with identity providers including Okta and Azure AD.
Founded
2017
HQ
Austin, TXWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$210M (Jun 2024)
Coder Valuation
Coder is currently valued at $210M, based on its Series B in June 2024.
The $35M round was led by Georgian, with participation from Redpoint, Uncork Capital and Notable Capital.
Coder valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2024 | Series B | $210M |
Coder Funding History
Coder has raised a total of $173M across 5 funding rounds.
Coder's first fundraising round was a $5M seed round in November 2018. The most recent completed round was a $90M Series C in March 2026.
Coder funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Series C | KKR (lead); Uncork Capital; Qube Research & Technologies | $90M | - | - |
| Jun 2024 | Series B | Georgian (lead); Redpoint; Uncork Capital; Notable Capital | $35M | $210M | Coder is an Austin-based software company founded in 2017 that provides cloud development environments (CDEs), offering an open-source platform and a self-hosted enterprise version with governance and user management features for secure developer workflows. It serves enterprises like Dropbox, Discord, Skydio, and four U.S. intelligence agencies, with its open-source software boasting 1.2 million monthly active users. On June 25, 2024, Coder closed a $35 million extension to its Series B funding round led by Georgian, with participation from Notable Capital, Redpoint Ventures, and Uncork Capital, bringing total funding to nearly $80 million. The company plans to use the funds for global expansion into Europe, the Middle East, and Africa, investment in open-source tooling via a dedicated developer relations team, and growth in sales, marketing, support, and engineering with a workforce of just over 50 employees. Coder reported revenue doubling in 2023 and expects to double it again in 2024 amid expanding its client footprint. It grew its customer base 6x from Q1 2021, entering new verticals like automotive, entertainment, hi-tech, and retail beyond initial financial services and government sectors. The funding occurred at a post-money valuation of $210 million, as per market data for the Series B-2 round dated June 20, 2024. Coder was recognized in Gartner's Software Engineering Hype Cycle for CDEs, with predictions of 30% of large enterprises adopting them by 2025 and 40% of regulated organizations mandating them by 2027. Leadership enhancements include a new Chief Revenue Officer to drive ARR growth globally. |
| Apr 2020 | Series B | Notable Capital (lead); Redpoint; Uncork Capital; IQT | $32M | - | Coder is a company providing a self-hosted, open-source cloud development environment (CDE) that shifts software development from local machines to on-prem and public cloud infrastructure. In April 2020, Coder raised approximately $30-31.8 million in a funding round led by Notable Capital, with participation from IQT, Redpoint, and Uncork Capital, following an $8.5 million Series A led by Redpoint Ventures, bringing total funding at that time to around $43 million. The funds were intended to move software development to the cloud and accelerate growth in CDEs. Later developments include a June 2024 Series B2 round of $35 million led by Georgian, with participation from Notable, Redpoint, and Uncork, bringing the Series B total to $65 million; PM Insights reports a post-money valuation of $210 million for that round. Coder's positioning emphasizes making developers 10x more productive through cloud-based environments, with ongoing investments in open source, extensibility, generative AI-powered workspaces, and global reach as of 2024. |
| May 2019 | Series A | Redpoint (lead); Notable Capital | $12M | - | Coder is an Austin-based startup developing a cloud-based development suite to enable remote development environments for improved security and productivity. The company raised funding from investors including Redpoint Ventures, Notable Capital, Uncork Capital, and others across multiple rounds starting from a 2018 seed. In May 2019, Coder completed a Series A round, with Redpoint Ventures and Notable Capital as participants. Specific details on round size and post-money valuation for the targeted February 2019 round matching the investors and lead were not detailed in sources. |
| Nov 2018 | Seed | Redpoint (lead); Uncork Capital (lead); Rajini Kodialam; Grant Gregory; Alec Guettel; Capital Factory; David Rosenblatt; Founders Fund; Quinn Slack | $5M | - | Coder is an Austin-based startup founded in 2017 by John A. Entwistle, Kyle Carberry, and Ammar Bandukwala, building a cloud-based development suite to help developers write more code using tools like VS Code through a web portal. The company raised $4.5 million in seed funding on November 14, 2018, from investors including Alec Guettel, Capital Factory, David Rosenblatt, Founders Fund, Grant Gregory, Quinn Slack, Rajini Kodialam, Redpoint Ventures, and Uncork Capital. Shortly after the seed round, Coder achieved early revenue traction, generating $10,000 per month after three to four months of operations, as stated by co-founder Entwistle. Redpoint Ventures and Uncork Capital were noted as lead investors for the seed. The founders secured the seed funding through cold emailing potential investors. Coder continued its growth trajectory with subsequent rounds, including an $8.4-8.5 million Series A led by Redpoint Ventures approximately 11 months later, followed by a $30 million Series B in April 2020 with participation from Uncork Capital, Redpoint Ventures, and In-Q-Tel, bringing total funding to $43 million at that point. The Series B round in 2020 was reportedly at a $200 million valuation, though this applies to the later financing. |
Who has invested in Coder?
14 investors have backed Coder across its funding rounds, including Redpoint, Uncork Capital, Notable Capital, Founders Fund, KKR and Capital Factory.
Lead investors include KKR, Georgian, Notable Capital, Redpoint and Uncork Capital.
Coder Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 4 | Lead | Nov 2018 | |
| San Francisco, CA | 4 | Lead | Nov 2018 | |
| San Francisco, CA | 3 | Lead | May 2019 | |
| New York City, NY | 1 | Lead | Mar 2026 | |
 Toronto | 1 | Lead | Jun 2024 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Rajini Kodialam | New York City, NY | 1 | Participant | Nov 2018 |
| Grant Gregory | Orlando, FL | 1 | Participant | Nov 2018 |
| Alec Guettel | United States | 1 | Participant | Nov 2018 |
| Austin, TX | 1 | Participant | Nov 2018 | |
| David Rosenblatt | New York City, NY | 1 | Participant | Nov 2018 |
| San Francisco, CA | 1 | Participant | Nov 2018 | |
| Quinn Slack | San Francisco, CA | 1 | Participant | Nov 2018 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCoder Competitors
Coder competitors include listed companies like TerraSky and Crexendo, and private ones like Moralis, PubNub, GizWits and E2B.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Stockholm | Private | - | - | $215M | - | |
| San Francisco, CA | Private | - | - | $220M | - | |
 Guangzhou | Private | - | - | $145M | - | |
| San Francisco, CA | Private | - | - | $106M | - | |
 Japan | Publicly listed | $180M | $20M | $190M | 0.8x | |
| United States | Publicly listed | $68M | $8M | $190M | 2.0x |
Coder Public Comps
Coder is still privately-owned, but its public comps include Beeks Group, QumulusAI, TerraSky, Crexendo, Shandong Cvicse, Exascale Labs, Unisys, Radcom, FreeBit and DUG Technology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $49M | $15M | 4.2x | 3.7x | 13.7x | 9.6x | |||
| $13M | $3M | 27.0x | - | 122.7x | - | |||
| $180M | $20M | 0.9x | 0.8x | 7.9x | - | |||
| $68M | $8M | 2.6x | 2.0x | 22.1x | 13.1x | |||
| $22M | ($2M) | 8.0x | - | (112.8x) | - | |||
| $7M | ($8M) | 26.2x | - | (24.0x) | - | |||
| $2B | ($144M) | 0.3x | 0.3x | (4.4x) | 2.2x | |||
| $71M | $8M | 1.0x | 1.1x | 8.5x | - | |||
This data is available for Pro users. Sign up to see all Coder competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Coder
| When was Coder founded? | Coder was founded in 2017. |
| Where is Coder headquartered? | Coder is headquartered in Austin, TX, United States. |
| Is Coder publicly listed? | No, Coder is a private, VC-backed company. |
| What is Coder's valuation? | Coder was last valued at $210M in its Series B in June 2024. |
| How much funding has Coder raised? | Coder has raised $173M across 5 funding rounds. |
| What was Coder's last funding round? | Coder's last funding round was a $90M Series C in March 2026, led by KKR. |
| Who are Coder's investors? | Coder's investors include Redpoint, Uncork Capital, Notable Capital, KKR, Georgian, Rajini Kodialam, Grant Gregory, Alec Guettel, Capital Factory, David Rosenblatt and 4 others. |
| Which companies are comparable to Coder? | Companies comparable to Coder include Moralis, PubNub, GizWits, E2B, TerraSky and Crexendo. |
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