Apigee raises $60 million in funding

Posted Apr 29, 2014

Apigee, an application program interface (API) and analytics service, has raised $60 million in late stage financing. This round of funding was led by new investors Pine River Capital Management and Wellington Asset Management. Previous investors that put money into Apigee include BlackRock, Juniper Networks, Accenture, Norwest Venture Partners, Bay Partners, SAP Ventures, and Third Point Ventures.

APIs are generally used for connecting data from an app to a third-party without compromising on security. For example, Amazon.com released an API for websites to easily access Amazon’s product information with updated prices and an option to “buy now.” Yelp also uses the Google Maps API to connect to its ratings and recommendation service.

“We’ve had a phenomenal year, and our momentum is accelerating as companies digitally transform to delight customers and grow with unprecedented speed and scale,” stated Apigee CEO Chet Kapoor. “Our investors now include three crossover firms and two of the largest public investors in Software-as-a-Service (SaaS), a strong validation of our technology, opportunity and business model.”

Apigee provides enterprise tools to help companies build and scale apps, APIs, and data. Some of Apigee’s customers include Walgreens, Bechtel Pearson, and eBay. Apigee’s competitors include Mashery and Layer 7, which were both acquired. Mashery was acquired by Intel for around $180 million and Layer 7 was acquired by CA Technologies for about $155 million.