RapidAPI, an Israeli startup that boasts that it offers a service where over half a million developers find and connect to thousands of public APIs, is now a unicorn. The company hit the coveted mark when it raised $150M in Series D funding led by new investor SoftBank Vision Fund 2, which gave it a $1 billion valuation.
This round came less than a year after the company raised $60 million in a Series C funding round. RapidAPI has now raised more than $270 million to date.
API is the acronym for Application Programming Interface. This is a software intermediary which enables two applications to communicate with one another. Every time that someone uses an app like Facebook, sends an instant message, or a Tweet, they are using an API.
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RapidAPI states that it was established “by developers for developers so they could have one place to access APIs and Microservices and build applications more efficiently and easily.” Today, RapidAPI says that it is the world’s largest API Marketplace where over 1 million developers can “find, test, and connect to tens of thousands of APIs — all with a single account, single API key, and single SDK.”
Iddo Gino, CEO and Founder of RapidAPI, spoke about how the Coronavirus pandemic affected his firm’s business. “The pandemic and the rapid change it has precipitated over the last two years has compelled almost every company to become a digital player very quickly. It’s not nice to have, it’s basic survival,” said Gino.
This, he stated, created a huge demand and subsequent shortage of developers. Gino added that this hindered an organization’s ability to fully invest in digital transformation initiatives. “As a result,” he added, “companies are turning to APIs and tools like RapidAPI to realize the productivity and innovation benefits of digitizing their organization.”
Fueled by the increasing focus on APIs, RapidAPI grew its developer community to 4M developers over the last year and increased ARR by well over 100 percent. ARR growth for RapidAPI was fueled by both self-service users subscribing to RapidAPI and Global 2000 enterprise companies strategically adopting RapidAPI as their own internal API Hub.