Israeli API platform RapidAPI has announced the completion of a $150 million Series D financing round at a company valuation of $1 billion. The round was led by new investor SoftBank Vision Fund 2, with participation from Citi Ventures, Qumra, and many of the company's existing investors, which includes Andreessen Horowitz, M12 (Microsoft’s Venture Fund), Viola Growth, Green Bay, and Grove Ventures.
RapidAPI will use the investment to continue to scale its API Hub, adding more capabilities to help developers create and collaborate on APIs - following its release of API Testing tools and acquisition of API development tool Paw. RapidAPI also reports significant adoption by Global 2000 enterprises and will use the new funding to grow its customer base by expanding key enterprise capabilities including governance and management.
Driven by the explosion of APIs, federation of API programs, acceleration of cloud initiatives, and the push to microservices, companies have turned to RapidAPI to modernize their infrastructure in order to remain competitive in today’s environment of digital disruption.
RapidAPI founder and CEO Iddo Gino said, "The pandemic and the rapid change it has precipitated over the last two years has compelled almost every company to become a digital player very quickly. It’s not nice to have, it’s basic survival. This has created a huge demand and subsequent shortage of developers, hindering an organization’s ability to fully invest in digital transformation initiatives. As a result, companies are turning to APIs and tools like RapidAPI to realize the productivity and innovation benefits of digitizing their organization."
Published by Globes, Israel business news - en.globes.co.il - on March 23, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.