San Francisco-based application programme interface (API) development platform Postman recently announced that it has raised $150mn in a Series C funding round. The funding round was led by US-based venture capital fund Insight Partners. Existing investors CRV and Nexus Venture Partners also participated in the round.
Postman secured the recent funding at a $2bn valuation, entering the prestigious unicorn club. The company plans to invest the capital to hire new tech talent and double its team size in the coming year.
The six-year old startup is an enterprise Software as a Service (SaaS) collaboration platform for API development, which helps stakeholders including product management, developer operations and engineering to collaborate to accelerate the software development process.
Commenting on the investment, Jeff Horing, Co-founder and Managing Director Insight Partners said, “Modern-day commerce is driven by API-connected, cloud-based software, and Postman is in the absolute vanguard of companies driving faster and more effective development of solutions across a multitude of industries.”
“The combination of the market opportunity, the management team, and Postman’s proven track record of success shows that they are ready to become the software industry’s next great success,” Jeff added.
Founded in 2014 at Bengaluru by Abhijit Kane, Abhinav Asthana and Ankit Sobti, Postman started as a side project to address the challenges in API testing and the founders went about to create a tool that would simplify this entire process.
Earlier in June last year, the company had raised $50mn as part of its Series B funding round led by CRV and Nexus Venture Partners. Prior to that, the company had raised its $7mn in Series A financing from Nexus in 2016.
Postman CEO and co-founder Abhinav Asthana said, “Developers all over the world are rapidly transitioning from the code-first mindset to an API-first mindset with Postman being at the centre of this revolution.”
Postman’s API development platform is currently used by more than 11 million developers around the world, across more than 500,000 companies globally.
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