API development platform Postman raised $150 million in new funding, bringing its valuation to $2 billion.
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The Series C round, which was led by Insight Partners, is Postman’s largest funding round to date. The company last raised a $50 million Series B in June 2019.
Postman, which was founded in Bengaluru in 2014, lets users build and collaborate on application programming interfaces, or APIs. The company counts 11 million developers in its community and is used by more than 500,000 companies around the world.
“We believe that APIs are the building block of modern software … this trend is just going to fundamentally explode,” CEO Abhinav Asthana said in an interview with Crunchbase News. Postman is a very developer-led community, and wants to be the single provider for everything API-related, he added.
The company will be using the new funding to invest in product design and engineering around the world, according to Asthana. It will also be investing in resources for its community through webinars and by distributing educational materials and webinars.
Postman has hubs in Bengaluru, where it was founded, and San Francisco, and has employees distributed around the world. The company will be growing both offices, along with its distributed workforce. While the company currently employs around 250 people, it’s aiming to double its headcount within the next year.
Asthana said there has been a lot of interest in investing in Postman since it was founded, and the company had been talking to Insight Partners for a while. The company’s other backers include CRV, which led its Series B last year, and Nexus Venture Partners, which led its Series A in 2016, according to Crunchbase.
Asthana said he’s particularly excited about the Postman API Network, and the company will be investing in fully automatable solutions (such as security testing) and integrating with the full DevOps cycle.
“We feel very strongly that we’re going to be driving more and more of the API revolution forward in the next decade,” Asthana said.
Illustration: Li-Anne Dias