There are about 40M software developers in the world, and many of these developers have used platforms such as Reddit to share ideas and collaborate. But DEV may be providing a superior alternative. DEV is the social network for software developers of all backgrounds and experience levels to connect, collaborate, and share ideas. DEV is purposefully built on open-source software to allow its community to play an influential role in the building of DEV. There are currently over 5M developers using DEV each month and the community is rapidly expanding.
AlleyWatch sat down with Cofounder and COO Jess Lee to learn more about how the company’s Series A round will help expand DEV globally and fulfill its mission of empowering a whole network of new standalone communities.
Who were your investors and how much did you raise?
We raised an $11.5M Series A. The round was led by Mayfield, with participation from OSS Capital and Charge VC.
Tell us about the product or service that DEV offers.
DEV is a social network where software developers of all backgrounds and experience levels connect and share knowledge. Programmers from all around the world come to DEV to publish articles, participate in discussions, and elevate their skills.
What inspired you to start DEV?
We felt that the software developer ecosystem needed a true community platform that extended beyond code collaboration tools and troubleshooting forums. We set out to build an inclusive and welcoming environment, in contrast to the gatekeeping and pedantic places that are all too common in existing programming communities.
How is DEV different?
DEV is built entirely on open-source software, allowing the community itself to participate in building features, fixing bugs, and helping guide the direction of the project.
Additionally, we actively enforce our code of conduct and take active steps to ensure that the community remains inclusive, constructive, and positive.
What market does DEV target and how big is it?
There are 30-40M software developers in the world; DEV is currently serving over 5M of them each month. In 2020 we will begin rolling out support for community leaders to host their own communities using our open-source platform. This will expand the end-user market globally through our partners.
Who do you consider to be your primary competitors?
We built DEV as a response to platforms like HackerNews and Reddit because it was obvious that developers, old and new, needed a new home for welcoming and constructive dialogue.
What’s your business model?
Unlike other social networking companies, our business model is not predicated on hoarding user data in order to generate revenue through ads. Instead, we will lean into well-established commercial open source business models, such as providing hosting and support services to community leaders that leverage our open-source software.
What was the funding process like?
We were fortunate to have a relatively quick fundraising process. We received key introductions through the investors that participated in our Seed round, which allowed us to connect with Mayfield early in the process.
What are the biggest challenges that you faced while raising capital?
Our biggest concern with raising capital has always been about partnering with the right group of investors to ensure a true alignment of values. We’re very happy to be partnering with Mayfield, and we are thrilled that OSS Capital and Charge Ventures are also participating in the round.
What factors about your business led your investors to write the check?
I think that we were able to articulate our strength and potential on each key area of team, product, and market. Our cofounders complement each other very well.
The product is already reaching over 5M developers each month and growing quickly, benefiting from a tight improvement process in partnership with the community. The market for leveraging open-source software to support developers and eventually other interest groups is massive.
What are the milestones you plan to achieve in the next six months?
In the short term, our primary focus is continuing to grow and support the DEV community. We will be pouring more resources into improving our open-source platform, which will enable our longer-term goals of supporting new communities.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
In addition to having strong traction and a compelling story, fundraising is also about connecting with the right people. If you’re looking to raise, my advice is to get a pitch ready and to meet as many fellow founders as possible.
In addition to having strong traction and a compelling story, fundraising is also about connecting with the right people. If you’re looking to raise, my advice is to get a pitch ready and to meet as many fellow founders as possible.
Founders who have raised their own round recently will have an especially valuable pulse on the environment, and they may be able to make key introductions. For my New Yorkers out there…don’t be an East Coast elitist when it comes to fundraising!
Where do you see the company going now over the near term?
We’re excited to continue hiring some of the amazing developers directly from the DEV community to join our core team.
Where is your favorite fall destination in the city?
We recently gave up our office in DUMBO to become a fully distributed company. I’ll miss hopping on the ferry with a hot matcha in hand – it’s less crowded this time of year because it gets cold, especially at night, but I love it.
