RapidAPI Announces Additional $25M Series B
SAN FRANCISCO, CA, RapidAPI has secured an additional $25 million for its Series B round.
RapidAPI, the world's largest API Marketplace where developers find and connect to thousands of APIs, announced today that it has raised an additional $25 million for its Series B round. The financing was led by insider investors including Andreessen Horowitz, DNS Capital, Green Bay Ventures, M12, and Grove Ventures, bringing the total amount raised to $62.5 million.
The investment comes on the heels of a period of rapid growth for the company with an increase in the number of developers and companies using RapidAPI to accelerate the delivery of software and services to market. The new funding will support the influx of new developers, onboarding of API providers, plus advanced functionality on the RapidAPI Marketplace and on RapidAPI's Enterprise Hub (a private and customized version of the Marketplace).
"With the proliferation of APIs across every organization, companies must begin to evolve beyond their current API infrastructure," said Iddo Gino, RapidAPI Founder and CEO. "RapidAPI's next-generation platform is uniquely built for modern software development, connecting millions of developers with thousands of APIs and microservices while providing the documentation, code snippets, endpoints, and resources they need to create software more efficiently. The additional funding will enable us to continue to enhance the user experience and add the features and functionality developers need to use APIs more seamlessly in their software development processes."
2020 Brings Increased Developer Adoption and Enterprise Traction
Since the beginning of the year, the company has experienced significant growth across its Marketplace and Enterprise offerings. On the Marketplace, more than 300,000 new developers have signed up for RapidAPI to find and connect to APIs. This represents a 6X monthly increase in demand when comparing these numbers to user sign-ups for the same time period in 2019. Additionally, there are now more than 20,000 APIs on the Marketplace, doubling the number from the same time last year. RapidAPI is continuing to add 1000 new APIs per month, offering APIs from providers that include Microsoft, Twilio, SendGrid, Nexmo, Skyscanner, Crunchbase, and more.
Paid API subscriptions have also been on the rise in 2020 as 30,000 new subscribers have been added to the platform. Another area of significant growth is with RapidAPI for Teams. Launched in June 2019, RapidAPI for Teams enables developers to create a private workspace to share and collaborate on internal APIs and microservices within their team. Today, there are more than 18,000 teams on RapidAPI with more than 1,000 new teams created every week.
RapidAPI has also seen an increase in the number of larger enterprises that are using its Enterprise API Hub, a private and white-labeled version of its Marketplace that enables development teams, customers, and partners to discover and connect to internal APIs, as well as external API subscriptions. Over the last six months, major companies across financial services, insurance, telecom, and healthcare have selected RapidAPI's Enterprise Hub to help implement their API strategies.
"Software development is moving toward an API-first model as APIs enable companies to rapidly create the products and services that traditionally would have taken too long to bring to market or wouldn't have been cost-effective," said Gino. "RapidAPI is well-positioned to take advantage of this opportunity, enabling more companies to take advantage of the API economy while helping developers to work more productively."
Resource for Collaboration Amidst the COVID-19 Pandemic
The company also saw a significant developer response to the COVID-19 pandemic with users providing and consuming API endpoints on the Marketplace that could be used to integrate relevant news, datasets, statistics, and financial information into their projects. From March 1 to the current time frame, the top five COVID APIs had more than 224 million calls with a peak of almost 4.5 million in a single day.
This increased traffic has continued as developers in distributed work environments have gravitated toward the RapidAPI Marketplace as a center for collaboration on APIs. RapidAPI will continue to invest in building a robust user experience and evolving its platform to enable organizations to continue to work productively amidst uncertainty.
RapidAPI, the world's largest API Marketplace, is used by millions of developers to find, test, and connect to thousands of APIs - all with a single account, API key, and SDK. Software development teams can also collaborate on APIs using RapidAPI for Teams. RapidAPI for Teams offers a common workspace to publish internal APIs and share public API subscriptions. In turn, organizations can use RapidAPI to create a centralized hub environment to help developers reuse and connect to existing APIs faster while providing IT with enterprise-wide visibility and governance of API consumption.
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