API development environment startup Postman has raised $50 million in a Series B round led by Valley-headquartered CRV with participation from existing investor Nexus Venture Partners. With this fresh round, the San Francisco cum Bengaluru-based startup has raised $58 million in total capital since its inception
Following the round, Devdutt Yellurkar, General Partner at CRV has joined the company’s board as a director. Three years ago, the firm had raised $7 million Series A round as well as $1 million seed round by Nexus.
Currently, Postman offers two products – Postman and API complete API development network. Postman allows companies to create APIs directly in its ecosystem, maintaining a single source of truth along with supports such as API schema, version control, and tagging while the latter lets subscribers to browse through the directory to see who’s running in Postman.
According to its website, Postman claims to serve 7 million developers and 200K companies. So far, it has a directory of 130 million APIs. The company counts PayPal, Twitter, Microsoft, Adobe and Google as clients. It charges $8 per user per month for companies with team sizes of 50 and $18 per month for larger firms.
“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,” said Abhinav Asthana, co-founder, and CEO at Postman.
Postman doesn’t see much of competition but it does compete with API Tester, API Fortress and Amazon API Gateway among several others.