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RapidAPI Bags $60M Round

April 27, 2021

RapidAPI has raised $60M million in its Series C funding round. The financing was led by Green Bay Ventures and includes new investor, Stripes. Existing investors include Andreessen Horowitz, DNS Capital, M12 (Microsoft’s Venture Fund), Viola Growth, and Grove Ventures, bringing the total amount raised for RapidAPI to $122.5 million.

The investment comes on the heels of a high-growth year for RapidAPI amidst a pandemic that drove a record number of developers and companies to the RapidAPI platform to advance their digital initiatives and accelerate the delivery of their software and services to the market.

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.

The recent fundraise will be used to support the influx of new developers to the platform, the onboarding of leading API providers to the public marketplace, and the expansion of the API platform, including RapidAPI's Enterprise Hub, to serve the rapidly growing enterprise customer base.

“As APIs become the building blocks for digital transformation efforts across all industries, we’ve seen a fundamental shift toward API platforms and tools like RapidAPI that are built to handle the realities of today’s complex, multi-cloud, multiservice, and multi-API environments,” said Iddo Gino, RapidAPI Founder and CEO. “RapidAPI’s next-generation platform is uniquely built for modern software development, providing a unified experience across the entire development life cycle, allowing millions of developers to connect with thousands of APIs and microservices.”

Added Gino, “Over the course of the year, we’ve made significant investments in our platform, adding API testing and API design through the acquisition of Paw in February. The additional funding will enable us to continue to build a flexible API platform with the features and functionality needed to provide developers and organizations with a flexible platform that integrates with an organization’s existing software development environment, making it easier to find, connect to, and manage APIs.”

A Year of Developer Adoption, Product Innovation, and Enterprise Traction

Recent reports, including the second annual RapidAPI Developer Survey Report , indicate that developer reliance on APIs accelerated during the pandemic and will continue to increase in 2021. In fact, according to the survey, 61% of developers used more APIs in 2020 than in 2019, and 71% plan to use even more this year.

This trend was also apparent by usage of the RapidAPI platform. Over the last 12 months, RapidAPI has experienced significant growth across its platform. RapidAPI has almost 3 million developers on the marketplace, adding more than 750,000 new developers over the course of the year. Additionally, there are now more than 35,000 APIs on the Marketplace, doubling the number from the same time last year. RapidAPI is continuing to add more than 1,000 new APIs per month, offering APIs from providers that include Microsoft, IBM, Twilio, SendGrid, Nexmo, Crunchbase, and more.

Paid API subscriptions were also on the rise in 2020, as 12,000 new API subscribers were added to the platform. Another area of significant growth is with RapidAPI for Teams. 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 55,000 teams on RapidAPI.

RapidAPI has also seen an increase in the number of enterprises that are using the RapidAPI Enterprise Hub, a white-labeled version of its Marketplace that enables development teams, partners, and customers to discover and connect to internal APIs as well as external API subscriptions. Over the last year, RapidAPI has more than doubled the number of companies using the RapidAPI Platform, including Fortune 500 organizations across the financial services, insurance, telecom, and hospitality sectors.

Finally, the company expanded its API Platform to add a host of new capabilities and features from Gateway integration to support new types of APIs such as Kafka and new products such as RapidAPI Testing and RapidAPI Design by Paw.

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