Code collaboration platform Replit has raised $20 million in a new funding round from Craft Ventures. The investment will facilitate a liquidity event for long-standing employees, enabling the team to make a long-term commitment as Replit looks to advance artificial developer intelligence (ADI).
This new capital will empower a tender offer for current and former Replit team members to provide stock liquidity. Craft's injection allows Replit to orchestrate this liquidity event without otherwise needing the funds.
Replit founder and CEO Amjad Masad sees unique potential in using leading-edge AI to redefine the software development process. The company aims to build ADI through auto-complete, debugging help, and other AI-powered coding assistance.
Craft partner David Sacks pointed to Replit's product-led growth as a key driver of the firm's interest. He also highlighted its capacity to fundamentally transform how software gets built.
"Replit is reimagining the entire software development lifecycle in the cloud," said Sacks.
The $20 million Craft investment comes after a $50 million Series C that Replit secured in March 2022. With rapid adoption of its AI coding assistant Copilot, Replit looks to extend its leadership in delivering AI-powered developer tools.
Replit's upcoming Developer Day on November 14 promises to offer more insights into the company's trajectory. The new funding and expertise from Craft will fuel this mission while providing employee liquidity. This supports Replit's push to empower the next generation of software creators worldwide.