Tough hiring conditions amidst the Great Resignation have led to a shortage of software developers nationwide. As a result, many companies are seeking out additional tools to help them bridge the labor gap.
San Francisco-based RapidAPI is offering a solution, or an array of solutions rather. The company’s product suite consists of a variety of tools to help developers create and collaborate on, you guessed it, APIs.
Now, the platform is receiving a fresh injection of capital to help it continue to scale in the wake of its unprecedented growth. RapidAPI announced Wednesday that it raised $150 million in a Series D round led by VC all-star SoftBank Vision Fund 2.
“Demand for digital solutions and software innovation is increasing rapidly, and without enough developers, the world needs APIs to continue building software,” Nagraj Kashyap, managing partner at SoftBank Investment Advisers, said in a statement.
Fueled by the increased need to digitize across industries, RapidAPI grew its developer community to 4 million over the last year. Not only that, but it increased its annual recurring revenue by well over 100 percent, according to the company.
“The pandemic and the rapid change it has precipitated over the last two years has compelled almost every company to become a digital player very quickly. It’s not nice to have, it’s basic survival,” Iddo Gino, founder and CEO of RapidAPI, said in a statement. “This has created a huge demand and subsequent shortage of developers, hindering an organization’s ability to fully invest in digital transformation initiatives.”
Following the latest raise, the company plans to expand the size of its team. RapidAPI is currently on the lookout for 34 fresh faces to join its ranks. Available roles span the company’s engineering, product and marketing departments, to name a few. Most of those up for grabs are available to work remotely.
RapidAPI has raised $272.5 million in venture capital financing to date, according to Crunchbase.
Additional investors Andreessen Horowitz, M12 and Viola Growth participated in the Series D raise, among others.
