Bengaluru: Postman, a platform for managing and developing application programming interfaces (APIs), on Wednesday announced the completion of its Series B financing round worth $50 million.
The funding was led by Charles River Ventures (CRV) and involved participation by Nexus Venture Partners. CRV’s general partner Devdutt Yellurkar has also joined the Postman board of directors.
Postman helps developers programme their software by offering API development tool-kits in a single platform. Instead of working with multiple dashboards and environments, developers can use Postman to design, test, debug, monitor, and publish APIs all in one place.
An API is a form of code that specifies how two apps can exchange data and what sort of data may be requested and sent between the two.
Postman plans to use the new funding to accelerate its product roadmap, and increase customer support operations and success throughout the Postman community.
“Postman has created a powerful collaboration platform for the entire API development life-cycle. CRV is deeply involved in the API and micro-services space, and we have been tracking Postman from its early days in Bangalore," said Devdutt Yellurkar, general partner at CRV.
Founded in 2014 by ex-Yahoo employees Abhinav Asthana and Ankit Sobti, the product is currently used by more than 7 million users and helps to support API development at more than 300,000 companies worldwide.
“As software development moves from a code-first to an API-first approach, Postman is evolving as the must-have companion for every developer. It has been a real pleasure to have backed Postman from day one. We are super excited about the journey ahead," said Jishnu Bhattacharjee, managing director of Nexus Venture Partners.
“APIs are the building blocks of effective software – so while software might be eating the world, we know that APIs are eating software. Innovation in APIs will drive the future of software development, and this funding will further accelerate Postman’s growth in the API ecosystem," added Postman’s chief executive Abhinav Asthana in a statement.
“Postman Enterprise allows for great collaboration," said Jason Bonds, vice-president of Ping Intelligence at Ping Identity. “It allows for our team to physically be global, but work like we are in one room."
"Software development is a team sport. With Postman Enterprise, we can collaborate across all of our teams in a way we weren't able to before," added Drew Garner, senior vice-president of product development at Accolade. "Postman Enterprise gives us transparency throughout the entire API development process."