Bengaluru (TIP): Application program interface (API) development platform Postman said on Wednesday it had raised $ 225 million at a valuation of $ 5.6 billion, just over a year after entering the unicorn club with a valuation of $ 2 billion.
The Series D funding round was led by Insight Partners, an existing New York-based investor.
This makes Postman India the most popular software as a service (SaaS) platform, surpassing Browserstack ($ 4 billion), Freshworks ($ 3.5 billion) and Icertis ($ 2.8 billion). . The company last raised $ 150 million in a Series C round in June 2020.
New investors Coatue Management LLC, Battery Ventures and BOND, as well as existing investors CRV and Nexus Venture Partners, also participated in the round. The cycle also saw investments from DoorDash’s product manager, Gokul Rajaram; and Freshworks founder Girish Mathrubootham.
The company has raised more than $ 430 million to date.
Postman’s fundraising signals the trend of global investors flocking to established entities in their industries. During this year, companies such as DailyHunt, Infra.Market, Cred and Digit more than doubled their valuations within months of increasing their previous rounds.
Postman said the new funds would help him grow the sales, marketing, product and engineering teams.
The company will also continue to invest in its developers around the world, support students through innovative API literacy programs, and contribute to open source projects to foster a strong and thriving API ecosystem.
âWe are delighted to have the support of our community and our customers who continue to propel us forward, and this new round of funding will help Postman dramatically increase the speed of this forward movement. We are committed to helping developers building the future with APIs, âsaid Abhinav Asthana, Co-Founder and CEO of Postman.
The seven-year-old startup is an enterprise SaaS platform for API development, which helps product management, development operations, and engineering departments collaborate to accelerate the software development process.
Postman currently has over 17 million users and 500,000 organizations on its platform.
âAPIs have quickly become the fundamental building blocks of software used by developers in all industries, in all countries of the world, and Postman has firmly established itself as the preferred platform for developers. Postman has the opportunity to become a key pillar in how businesses seamlessly create, deliver products and enable partnerships, âsaid Jeff Horing, Managing Director of Insight Partners. Source: