[Funding alert] US-based startup Postman raises $150 million in Series C round at $2 billion valuation
, the API development platform startup which was founded in Bengaluru and now headquartered in San Francisco, has secured a Series C funding of $150 million at a valuation of $2 billion.
This Series C round was led by Insight Partners, a global venture and private equity firm. Earlier investors - CRV and Nexus Venture Partners - also joined in this round, according to a press statement.
Postman was founded in 2014 by Abhijit Kane, Abhinav Asthana and Ankit Sobti. It 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.
Postman founders (from left): Abhinav Asthana, Ankit Sobti and Abhijit Kane
The startup claims that more than 500,000 companies use their platform to accelerate their pace and effectiveness of software development.
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.”
Quoting a study from the Enterprise Strategy Group, Postman claimed that companies using its API platform show vast improvements to development, collaboration, and testing. According to the startup, these improvements include API development that’s five times faster, collaboration that’s 10 times more effective, and the ability to find and fix bugs four times faster.
On the investment into Postman, Jeff Horing, co-founder and managing director of 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.”
According to Postman, more than 11 million users around the world rely on it to streamline collaboration and simplify each step associated with building APIs, and the company’s solution is used by 98 percent of the Fortune 500 to create better APIs more quickly.
“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 said.