Israeli startup RapidAPI, founded by entrepreneur Iddo Gino, closed a $60 million Series C funding round. The investment was led by Green Bay Ventures, with participation from a new investor - Stripe, which has previously invested in Israeli startups, including monday.com, Axonious, Verbit, and Snyk. The round also saw participation from existing investors, including Grove Ventures, Marius Nacht, Andreessen Horowitz, DNS Capital, Viola Growth, and Microsoft investment arm, M12.
The world’s largest API marketplace
RapidAPI developed a platform that helps developers find and connect to different APIs by implementing a virtualization layer, which allows users to connect to whichever API under a single format. The Israeli startup reported accelerated growth over the past year - with the global pandemic playing a key factor.
Currently, RapidAPI reports almost 3 million developers that use its platform, turning it into the world’s biggest API marketplace on the market - proven by a 25% rise (around 750,000 developers) just this past year. As of today, there are more than 35,000 APIs available through the marketplace; doubling last year’s numbers.
In 2019, the company launched a team payment service, and according to its reports 12,000 new API subscribers were added to the platform in 2020. The company also noted that its RapidAPI Teams platform now has over 55,000 teams onboard.
In an interview with Geektime, Iddo Gino, RapidAPI CEO, talked about future plans for the company - after raising $85 million last year. “The company’s main focus is enriching our product and supporting developers with their API management. Last year, the company launched a new product for testing and monitoring APIs, and announced the acquisition of Paw, which provides tools for API design and development. As more companies invest in their APIs - we want to be there to support their journey,” said Gino.
RapidAPI was founded in 2015 by Gino and Mickey Hasalvsky, The company has 100 employees working from offices in San Francisco and Tel Aviv. Rapid stated that the capital will be used to support developers using the company’s public products, as well as further developing the Enterprise Hub solution. The company has raised $122.5 million to date.