Venture Capital News: RapidAPI Pulls In $9M Series A Round
2018-03-14
SAN FRANCISCO, CA, RapidAPI has raised a $9 million Series A round.
RapidAPI, the world's largest API marketplace that helps developers find and connect to thousands of publicly available application programming interfaces (APIs), has raised a $9 million Series A round, following on from its previously announced $3.5 million seed round in 2016. The Series A round was led by Martin Casado at Andreessen Horowitz, who has joined the company's board of directors, alongside SV Angel, Green Bay Capital and Tony Jamous, the co-founder and CEO of Nexmo (the Vonage API Platform). This brings RapidAPI's total funding to $12.5 million.
With the new funding, RapidAPI will continue building out its core product, making it even more accessible and easy for the developers to use. It will also bring more API providers and developers to the RapidAPI marketplace.
Founded in 2015, RapidAPI marketplace features over 8,000 APIs (up 4,000%, from 200 APIs in 2016), with 400 billion API calls made each month and over 500,000 developers using the platform (up 1,666 %, from 30,000 developers in 2016). The APIs available within RapidAPI marketplace include Microsoft, Stripe, SendGrid, Slack, Foursquare, Eventbrite, Yelp, Google Translate, Spotify, NASA, ProductHunt and many others. In the past year, the company started working with large enterprise clients, including Cisco, Hyatt, and SAP who use RapidAPI at a huge scale.
"The API has dramatically simplified the way we think about, build, and integrate applications and has become the interface for business," said Martin Casado, general partner at Andreessen Horowitz. "As the world's largest online API marketplace, RapidAPI is poised to play a transformative role in programming and technology. I'm very excited to continue working with Iddo and team on their journey to empower the next generation of software that runs the world."
Since the $3.5 million Seed round 18 months ago (led by Martin Casado at Andreessen Horowitz, with participation from FundersClub, SV Angel, Green Bay Capital, and 500 Startups, whose accelerator program RapidAPI was part of in 2016), RapidAPI has both substantially grown the business and almost tripled its team from 10 to 27 people. Spread across San Francisco, Tel Aviv and Kiev, the all-star international team includes ex-eBay, Best Buy, Intel's executive Kumar Kandaswamy, VP of Ecosystem Development, who works with key strategic industry partners to foster internal & external API programs and ex-Nexmo's Srivatsan Srinivasan, VP of Product, who focuses on building the first-class product.
"Developers can work exponentially faster by leveraging existing API technologies, and RapidAPI makes it easy for developers to find, connect and monitor the APIs. Having grown RapidAPI massively in the past 18 months, we continue investing heavily in product, team and making it easy for developers to find and connect to the APIs. That way companies can focus on developing breakthrough products while we take care of the seamless API integration", said Iddo Gino, RapidAPI Founder and CEO.
With the enterprise organizations maturing for API integration and looking for both an internal and external solution, RapidAPI offers a common gateway to manage consumption of external services, and provide visibility and control around service utilization.
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