The capital will enable the company to introduce new API tools to millions of developers and business customers while supporting the rapidly growing community growth * Among the current investors who have increased their investment – the Grove Ventures Fund of Dov Moran, Viola and more
RapidAPI, the world’s largest API Hub provider that enables millions of developers and businesses to locate, connect and manage thousands of APIs, today announced the completion of a $ 150 million D-fundraiser worth $ 1 billion. The round was led by a new investor, SoftBank, with the participation of Qumra Capital (Qumra) and Citi Ventures, as well as many of the company’s current investors including the Viola Growth Fund, M12 – Microsoft’s investment fund, Fund The Israeli Grove of Dov Moran (Grove Ventures, Green Bay) and the Andreessen Horowitz Foundation.
RapidAPI will allocate the money raised to further expand its Hub API platform while adding additional capabilities that will help developers create and share APIs, following the launch of the API Testing tool and the acquisition of an API development tool called Paw. Rapid has also been widely adopted by the world’s leading companies ranked in Global 2000 and will use the funding to increase its customer base by expanding key business capabilities, including governance and management.
Ido Gino, CEO and Founder : RapidAPI “The epidemic and the rapid change it has caused in the last two years have forced almost every company to quickly become a digital player. This is no longer something that will be nice, but a survival tool. This has led to a huge demand and consequently a shortage of developers, factors that hinder the organization’s ability to fully invest in digital transformation initiatives. As a result, companies are looking for APIs and tools such as RapidAPI in order to realize the productivity and innovation benefits that come from digitizing their organization. ”
Natalie Medical Partner Managing Viola Growth: “RapidAPI, led by Ido Gino, is currently building one of the largest technology companies in the world with huge market potential, as the digital transformation accelerates the need for companies to implement technological developments in no time. The API economy is a force that drives organizations to innovate. We joined the round of fundraising that took place about two years ago at the height of the corona and in a time of uncertainty, and today we are happy to increase our investment in the company alongside some of the largest investors in the world. ”
“The demand for digital solutions and software innovation is growing very fast, and in the absence of enough developers in the job market, the world needs APIs to continue building software,” Said Nagraj Kashyap, managing partner at Soft Bank. “We believe that RapidAPI plays a critical role in supporting the API economy and that it has shown impressive growth and performance in promoting the adoption of technology by developers and increasing the supply of APIs. We are excited to team up with Ido Gino and his team to support their vision to lead the field of modern software development. ”
APIs Solve the shortage of developers
As companies recognize the importance of accelerating digital transformation and their software-based capabilities, they are increasingly turning to software development investments. At the same time, a shortage of software developers combined with the difficulty of recruiting workers in the current employment market, further exacerbates the challenge facing organizations based on engineers who want to grow. As a result, many companies are looking for tools, such as APIs, to bridge their shortage of developers.
The shortage of developers has accelerated the rapid expansion of the API economy – which is currently growing at a rate of 63%. APIs that provide a variety of functions, which developers can plant in their applications, just like building in “Lego” bricks, save developers critical time when adding common functions to their applications, such as loading credit cards, sending messages or retrieving location data.
A survey conducted by RapidAPI among managers and decision makers found that almost all respondents (98%) believe that APIs are an essential component of their organization’s digital transformation and 97% agree that effective implementation of an API strategy is essential to ensuring the future revenue and growth of organizations. A survey of developers found that the majority of developers (68.5%) indicated that by 2022 they would rely more on APIs in all coding projects.
Rapid growth inRapidAPI
Based on the growing focus on APIs, RapidAPI has expanded its developer community to 4 million and increased its Annual Revenue (ARR) by more than 100%. The growth in RapidAPI’s revenue was due to independent users enrolling in the RapidAPI and Global 2000 service who strategically adopted RapidAPI as their internal API Hub.
Independent developers leverage RapidAPI’s capabilities to use paid APIs as well as to create private workspaces that use RapidAPI for Teams when they can collaborate on APIs and internal micro-services. In 2021 alone, more than 25,000 new developers have signed up for paid RapidAPI programs. Business customers set up an internal hub API using RapidAPI, where all developers can publish and consume APIs. Easier access to APIs allows companies to dismantle silos, accelerate the transition to digital activity and shorten the “time to market” of new initiatives.
RapidAPI has enjoyed rapid adoption in many business sectors, including financial services, transportation, energy and retail. RapidAPI has almost tripled the number of registered customers and users of its platform in 2021 and plans to continue to grow at this rate also in 2022.
A leading team for growth
To further support and accelerate its developer and business customer base, RapidAPI has expanded its management team with experienced executives from the API and software industries, including Vijay Gill, Senior VP of Engineering, Wade Wegner, VP of Senior Product and Mark Gurvis, VP To senior sales.