[Funding alert] Postman closes $225 million Series D round at $5.6 billion valuation
, the San-Francisco and Bengaluru-based API platform startup, today announced that it has secured $225 million in a Series D round, placing its valuation at $5.6 billion.
The round was led by existing investor, New York-based global private equity and venture capital firm, Insight Partners, and joined by new investors Coatue, Battery Ventures, and BOND, along with existing investors CRV and Nexus Venture Partners. In addition, DoorDash Product Leader Gokul Rajaram and Freshworks Founder Girish Mathrubootham have also joined as individual investors. The company has now raised more than $430 million across four rounds.
Postman entered the unicorn club in June 2020 with a valuation of $2 billion during its Series C round of $150 million. The startup, which was founded in 2014, is one of the most valued SaaS unicorn from India.
Postman is now the most valued SaaS unicorn from India
This funding round also saw participation from DoorDash Product Leader Gokul Rajaram and Freshworks Founder Girish Mathrubootham. Postman has so far raised more than $430 million across four rounds of funding.
According to a statement, the company will use the Series D capital to expand its teams in the areas of sales, marketing, product, and engineering. In addition, the company will continue to invest in its community of developers across the globe, support students through API literacy programs, and contribute toward open source projects to foster the API ecosystem.
“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,” said Insight Partners Managing Director, Jeff Horing.
According to Postman, it has more than 17 million users and 500,000 organisations on its platform in what it claims is the largest API community in the world.
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 percent of the Fortune 500 and the likes of Salesforce, Stripe, Kroger, Cisco, PayPal, and Microsoft.
"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.
According to Postman, APIs are growing in popularity led by developers who are adopting “API first” model to build new applications faster, modernise legacy architectures, and scale business processes.
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.”