RapidAPI, the Israeli-founded next-generation platform that helps developers find, manage, and test application programming interfaces (APIs), announced on Wednesday it has raised $150 million in a Series D funding round at a $1 billion valuation.
The round was led by new investor SoftBank Vision Fund 2, with participation from Qumra, and many of the company’s existing investors, which include Andreessen Horowitz, M12 (Microsoft’s Venture Fund), Viola Growth, Green Bay, and Grove Ventures.
Founded in 2014 and based in San Francisco, RapidAPI helps developers discover and connect to thousands of public APIs that cover everything from file storage and currency conversion to flight search. The company offers Enterprise Hub, which businesses use to build private marketplaces for internal and external APIs. RapidAPI has a number of notable enterprise clients including SAP, Cisco, and Hyatt
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 will also use the new funding to grow its customer base by expanding key enterprise capabilities including governance and management.
“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,” said Iddo Gino, CEO and founder of RapidAPI. “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.”
“Demand for digital solutions and software innovation is increasing rapidly, and without enough developers, the world needs APIs to continue building software,” said Nagraj Kashyap, Managing Partner at SoftBank Investment Advisers. “We believe that RapidAPI plays a critical role in supporting the API economy and has demonstrated impressive growth and execution to accelerate developer adoption and supply of APIs. We are excited to partner with Iddo and the team to support their mission to drive modern software development.”