API platform Postman leaps to $2 bn valuation with latest round

Postdot Technologies, which operates application programming interface (API) testing and development platform Postman, has raised $150 million in a Series C funding round led by New York based private equity firm Insight Partners.

The funding round values the company at $2 billion, a statement said.

Existing investors venture capital firms Charles River Ventures (CRV) and Nexus Venture Partners, who invested $50 million in the company in June last year, also participated in this round.

In October 2016, the company raised $7 million in its Series A round of funding from Nexus. Postman had previously raised funds worth $1 million from Nexus in May 2015.

The fresh infusion takes the company’s overall funding to $208 million, according to VCCEdge.

Postman, a platform used to build connected software via APIs,  helps developers or enterprises to build, test and debug their APIs.

Owned and operated by Postdot Technologies, the company was founded in 2014 by Abhinav Asthana, Ankit Sobti and Abhijit Kane.

According to the company, more than 11 million people across the globe use its platform to streamline collaboration and simplify steps associated with building APIs. Over 500,000 companies, including 98% of the Fortune 500, rely on its solutions to create APIs, the company claims.

“Developers all over the world are rapidly transitioning from the code-first mindset to an API-first mindset with Postman being the center of this revolution,” Asthana said.

The company is headquartered in San Francisco and has an office in Bengaluru, where it was founded. The six-year-old firm has a rich clientele including Microsoft, Paypal, Twitter, Coursera, Adobe 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.