Leading API (Application Programming Interface) platform Postman on Wednesday, August 18 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 investors, New York-based global private equity and venture capital firm Insight Partners. It was 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 said it 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 innovative API literacy programs, and contribute toward open-source projects to foster a strong and thriving API ecosystem.
According to the company, it continues to experience exponential growth, as APIs increasingly become the driving force for software development and business success in this decade. Postman claims it has more than 17 million users and 500,000 organisations on its platform as of today, making it home to the largest API community in the world.
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.”
The company said in a statement that APIs are growing in popularity, led by developers who are adopting the “API-first” model to build new applications faster, modernise legacy architectures, and scale business processes. “Organisations are also adopting the API-first model to build and ship new products faster and create products of higher quality with less code,” it added.
“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.