API development platform Postman on Thursday said it has secured $150 million (around Rs 1,137 crore) in funding led by Insight Partners.
The Series C round also saw previous investors, CRV and Nexus Venture Partners, participating in this round that valued Postman at $2 billion, a statement said. Application programme interface or API is a set of functions and procedures used for building software and apps.
Postman is headquartered in San Francisco and has an office in Bengaluru, where the company was set up in 2014 by Abhinav Asthana and Ankit Sobti. 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,” Postman CEO and co-founder Abhinav Asthana said.
More than 11 million users around the world use 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 to create better APIs more quickly, the statement said.
The Postman collaboration platform is used by companies such as Intuit, Microsoft, and Shopify, it added.
“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,” Jeff Horing, co-founder and managing director of Insight Partners, said.
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 added.
Source: Business-Standard