Postman, an API platform business based in San Francisco and Bengaluru, revealed today that it has raised $225 million in a Series D round, valuing the company at $5.6 billion.
The company has now raised more than $430 million across four rounds.Current investor Insight Partners, a global private equity and venture capital firm based in New York, led the round, which was backed by new investors Coatue, Battery Ventures, and BOND, as well as existing investors CRV and Nexus Venture Partners. Individual investors include Gokul Rajaram, the CEO of DoorDash, and Girish Mathrubootham, the founder of Freshworks.
Postman continues to experience exponential growth, as APIs increasingly become the driving force for software development and business success in this decade. Today, Postman has more than 17 million users and 500,000 organizations on its platform, making it home to the largest API community in the world.
APIs are growing in popularity, led by developers who are adopting the “API-first” model to build new applications faster, modernize legacy architectures, and scale business processes. Organizations are also adopting the API-first model to build and ship new products faster and create products of higher quality with less code.
“APIs have quickly become the fundamental building blocks of software used by developers in every industry, in every country across the globe—and Postman has firmly established itself as the preferred platform for developers,” commented Insight Partners Managing Director Jeff Horing. “Postman has the opportunity to become a key pillar of how enterprises build, deliver products, and seamlessly enable partnerships across the ecosystem. Their continued, rapid expansion and strong management team point to a future for Postman with virtually unlimited possibilities.”
Postman has added more than 300 employees across 13 countries since the beginning of 2020, more than doubling its headcount, as well as adding thousands of new customers to a customer base that includes 98% of the Fortune 500 and the likes of Salesforce, Stripe, Kroger, Cisco, PayPal, and Microsoft. The company recently announced that its Public API Network is now the largest API hub in the world, with more than 75,000 APIs shared on the network.
To support this rapid, global growth of APIs across all industries, Postman continues to release new capabilities at a fast pace, notably: Postman on the web, public workspaces, the Private API Network, the Public API Network, API security validations, OpenAPI validations, support for protocols like WebSockets and SOAP, user groups, and SCIM integration, along with hundreds of other improvements.
”Coatue was impressed by Postman’s ability to solve challenges faced by developers worldwide who need to build software faster than ever. We also liked Postman’s work towards providing management teams, regardless of size, proper visibility into their API landscape and to ensure that increasingly lean teams can effectively maintain APIs,” said Coatue General Partner David Schneider. “We are proud to support Postman’s future plans and partner with them as they execute their vision to serve a rapidly expanding developer workforce and expand further into new roles and areas with plans for exciting future growth.”
Postman CEO and Co-founder Abhinav Asthana said, “We are thrilled to have the support of our community and customers who continue to propel us forward, and this new round of funding will help Postman dramatically increase the speed of that forward motion. We’re committed to helping developers who are building the future with APIs.”