Postman, a leading platform for application programming interface (API) development, on Thursday said that it had secured $150 million in a Series C investment round led by Insight Partners, a global venture capital and private equity firm. Insight Partners joins previous investors CRV and Nexus Venture Partners in this round. Postman said that the funding had taken the valuation of the company to $2 billion. The firm was valued at $350 million a year ago.
Postman, which was founded in 2014 by Abhinav Asthana, Ankit Sobti and Abhijit Kane, is headquartered in San Francisco. It has a large office in Bengaluru, where the company was initially founded. It has distributed team members on four continents. The investment, led by Insight Partners, will help further accelerate Postman’s growth in the API space.
APIs are the fundamental building blocks of all software in the world. Today’s complex software ecosystems make the rapid creation and seamless deployment of APIs an industry imperative. Used by more than 500,000 companies globally, the Postman API Platform helps them accelerate their pace and effectiveness of software development.
“Developers all over the world are rapidly transitioning from the code-first mindset to an API-first mindset with Postman being the centre of this revolution,” said Postman CEO and co-founder Abhinav Asthana.
More than 11 million users around the world rely on Postman to streamline collaboration and simplify each step associated with building APIs, and the company’s solution is used by 98 per cent of the Fortune 500 companies to create better APIs more quickly. The Postman collaboration platform is used by top companies such as Intuit, Microsoft, and Shopify.
“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,” said Jeff Horing, co-founder and managing director of Insight Partners. “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,” he said.
One of the customers is an Australian technology company, Atlassian, which said that the Postman platform enables it to quickly onboard new hires and has increased the firm’s overall developer productivity.
“The ability to collaborate while building new services and integrating third-party capabilities has made life easier for our developers,” said Jeff Gibson, manager,Atlassian Engineering.