- RapidAPI, the world’s largest API Marketplace used by developers to find and connect thousands of APIs, announced it raised $25 million in Series B funding
RapidAPI, the world’s largest API Marketplace used by developers to find and connect thousands of APIs, announced it raised $25 million in Series B funding. This round of funding was provided by insider investors like Andreessen Horowitz, DNS Capital, Green Bay Ventures, M12, and Grove Ventures. Including this round of funding, the company has raised a total of $62.5 million.
This investment comes at a time of rapid growth for RapidAPI. And this round of funding will support the influx of new developers, onboarding of API providers, and advanced functionality on the RapidAPI Marketplace and on RapidAPI’s Enterprise Hub (a private and customized version of the Marketplace).
“With the proliferation of APIs across every organization, companies must begin to evolve beyond their current API infrastructure. RapidAPI’s next-generation platform is uniquely built for modern software development, connecting millions of developers with thousands of APIs and microservices while providing the documentation, code snippets, endpoints, and resources they need to create software more efficiently. The additional funding will enable us to continue to enhance the user experience and add the features and functionality developers need to use APIs more seamlessly in their software development processes,” said RapidAPI Founder and CEO Iddo Gino.
On the Marketplace, over 300,000 new developers have signed up for RapidAPI to find and connect to APIs since the beginning of the year. This is a 6X monthly increase in demand when comparing these numbers to user sign-ups for the same time period in 2019. Plus there are now over 20,000 APIs on the Marketplace, doubled since this same time last year. And RapidAPI is continuing to add 1,000 new APIs per month, offering APIs from providers like Microsoft, Twilio, SendGrid, Nexmo, Skyscanner, Crunchbase, etc.
The paid API subscriptions also surged in 2020 as 30,000 new subscribers have been added to the platform. And the company launched RapidAPI for Teams in June 2019, which enables developers to create a private workspace to share and collaborate on internal APIs and microservices within their team. Now there are over 18,000 teams on RapidAPI with more than 1,000 new teams created every week.
RapidAPI has seen an increase in the number of larger enterprises that are using its Enterprise API Hub, which is a private and white-labeled version of its Marketplace that enables development teams, customers, and partners to discover and connect to internal APIs as well as external API subscriptions. In the past six months, major companies across financial services, insurance, telecom, and healthcare have selected RapidAPI’s Enterprise Hub to help implement their API strategies.
During the COVID-19 pandemic, the company saw a significant developer response with users providing and consuming API endpoints on the Marketplace that could be used to integrate relevant news, datasets, statistics, and financial data into their projects. Between March 1 and now, the top five COVID APIs had more than 224 million calls with a peak of almost 4.5 million in a single day.
This jump in traffic continued as developers in distributed work environments have gravitated toward the RapidAPI Marketplace as a center for collaboration on APIs.
Going forward, RapidAPI will continue to invest in building a robust user experience and evolving its platform to enable organizations to continue to work productively amidst uncertainty.