Rapid Acquisition, Valuation, Funding & Investors

Rapid was acquired by Nokia in November 2024.

See full Rapid profile

Rapid acquisition price

Undisclosed

Acquired by Nokia · Nov 2024

Cumulative funding Rapid raised

$273M

across 6 funding rounds

Key investors in Rapid

  • Andreessen Horowitz
  • Green Bay Ventures
  • M12
  • Grove Ventures
  • Viola Growth
  • DNS Capital
  • SV Angel
  • Dov Moran

Rapid Overview

About Rapid

Rapid, founded in 2014, is a San Francisco-headquartered developer platform. It runs RapidAPI Hub as a marketplace for APIs from Twilio, Microsoft, Google, and others. Rapid provides RapidAPI Studio to design, test, monitor, and publish APIs, plus RapidAPI Enterprise Hub for private internal and external API management.


Founded

2015

HQ

United StatesSan Francisco, CA

Status

Acquired

Customer focus

B2B

Revenue model

Commission, Subscription

Valuation

$1B (Mar 2022)

Rapid Acquisition

Rapid was acquired by Nokia for an undisclosed price on 13 November 2024.

Before the acquisition Rapid had raised $273M across 6 funding rounds.

Rapid, formerly RapidAPI, operates the world's largest API hub, including a public marketplace where developers list and monetize APIs, enterprise services, and an enterprise-grade API hub for designing, building, testing, and sharing APIs internally and externally. Israeli-founded in 2015 by Iddo Gino and Mickey Haslavsky, Rapid raised over $270 million, achieving a $1 billion valuation in March 2022 after a $150 million Series D from investors including Andreessen Horowitz, SoftBank, and Grove Ventures. The company faced monetization challenges, leading to Gino's ousting in April 2023, Marc Friend's appointment as CEO, and layoffs of 115 employees, roughly half the workforce. Nokia, a Finnish telecommunications equipment provider focused on infrastructure and services for carriers, acquired Rapid's technology assets and R&D unit on November 13, 2024, with financial terms undisclosed but likely under $100 million. Nokia integrates Rapid's API technology into its Network as Code platform, launched in September 2023, to enable 5G and 4G operators to expose network capabilities to developers, control API usage, enhance lifecycle management, and monetize underutilized networks. The platform has 27 partners including BT, DISH, Google Cloud, Infobip, Orange, Telefonica, and Telecom Argentina. The strategic rationale centers on bridging telecom and tech ecosystems, accelerating network API product development amid competition like Ericsson's API ventures, and driving enterprise and consumer value through developer adoption. Raghav Sahgal, Nokia's President of Cloud and Network Services, emphasized connecting operators to thousands of developers, while CEO Marc Friend highlighted the synergy of Rapid's expertise with Nokia's scale.

Rapid acquisition details
AcquirerDateType
13 Nov 2024Strategic M&A

Rapid Valuation

Rapid is currently valued at $1B, based on its Series D in March 2022.

The $150M round was led by SoftBank Group, with participation from Viola Growth, Grove Ventures, Andreessen Horowitz, M12, Employee Stock Option Fund and 3 other investors.

Rapid valuation by funding round

Rapid valuation by funding round
DateStageValuation
Mar 2022Series D$1B

Rapid Funding History

Rapid has raised a total of $273M across 6 funding rounds.

Rapid's first fundraising round was a $4M seed round in November 2016. The most recent completed round was a $150M Series D in March 2022.

Rapid funding rounds

Rapid funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2022Series DSoftBank Group (lead); Viola Growth; Grove Ventures; Andreessen Horowitz; M12; Employee Stock Option Fund; Citi Ventures; Qumra Capital; Green Bay Ventures$150M$1BRapidAPI, an Israeli-founded API platform based in San Francisco, raised $150 million in a Series D funding round on March 23, 2022, at a $1 billion post-money valuation, achieving unicorn status. The round was led by SoftBank Vision Fund 2, with participation from Qumra Capital, Citi Ventures, Andreessen Horowitz, M12 (Microsoft's venture fund), Viola Growth, Green Bay Ventures, and Grove Ventures. This marked a significant increase from its prior Series C of $60 million in April 2021 at a $355 million valuation. The funding will support expansion of RapidAPI's API Hub with additional capabilities like API testing tools and development tools following the acquisition of Paw, aiming to create a full operating system for API usage. The platform enables developers to discover, manage, test, and connect to thousands of public and private APIs, serving enterprise clients such as SAP, Cisco, and Hyatt. It offers an Enterprise Hub for building private API marketplaces to modernize infrastructure amid digital transformation demands. RapidAPI demonstrated strong growth, expanding its developer user base by 1 million to over 4 million in the prior year, with revenues growing 110% in the same period, though exact figures were not disclosed. The surge aligns with increased API demand due to developer shortages, cloud initiatives, microservices adoption, and digital disruption accelerated by the pandemic. The company plans to hire over 30 roles in engineering, product, and marketing, many remote, and had raised $272.5 million in total venture funding to date.
Apr 2021Series CGreen Bay Ventures (lead); Viola Growth; DNS Capital; Grove Ventures; Andreessen Horowitz; M12; Stripes$60M--
May 2020Series BAndreessen Horowitz (lead); DNS Capital (lead); Green Bay Ventures (lead); Grove Ventures (lead); Viola Growth; M12$25M--
Jun 2019Series BM12 (lead); DNS Capital; Grove Ventures; Andreessen Horowitz; Green Bay Ventures$25M-RapidAPI is a San Francisco-based startup that operates an API marketplace enabling developers to discover, test, connect, and manage over 10,000 public APIs, with tools for both individual developers and enterprise teams to handle internal APIs. The company originated from a hackathon project and has grown significantly, processing 500 billion API calls monthly by mid-2019 and partnering with major firms like Microsoft and Google. In June 2019, RapidAPI closed the first $25 million tranche of its Series B funding round led by M12 (Microsoft's venture fund), with participation from DNS Capital, Andreessen Horowitz, and Green Bay Ventures (also listed as Green Bay Capital in some reports), bringing total funding to $37.5 million at that point. The round capitalized on the booming API economy, positioning RapidAPI alongside developer-focused successes like Twilio, Stripe, and SendGrid. By June 2019, the platform served over 1 million developers and hosted 10,000 APIs, with a 50-person team expanding offerings beyond public API discovery to enterprise API management and collaboration. Investors highlighted RapidAPI's role in enhancing developer productivity and scaling with APIs and microservices. In May 2020, RapidAPI announced a second $25 million closing for the same Series B, adding Grove Ventures and bringing the round total to $50 million and overall funding to $62.5 million. Sources indicated this was not a down round, with prior post-June 2019 valuation at $80 million, implying growth. The company had accelerated during the pandemic, reaching 20,000 APIs and 300,000 developers, planning to invest in engineering, marketplace expansion, and enterprise focus.
Mar 2018Series AAndreessen Horowitz (lead); Best Horizon; Tony Jamous; Dov Moran; SV Angel; Marius Nacht; Aryeh Mergi; Green Bay Ventures$9M--
Nov 2016SeedAndreessen Horowitz (lead); Dov Moran; SV Angel; Martin Casado; FundersClub; 500 Global; Green Bay Ventures$4M--

Who has invested in Rapid?

20 investors have backed Rapid across its funding rounds, including Andreessen Horowitz, Green Bay Ventures, M12, Grove Ventures, Viola Growth and DNS Capital.

Lead investors include SoftBank Group, Green Bay Ventures, Andreessen Horowitz, DNS Capital, Grove Ventures and 1 other investor.


Rapid Investors

Investors in Rapid by funding rounds participated
InvestorHQRoundsRoleFirst check
Andreessen HorowitzUnited StatesSan Francisco, CA6LeadNov 2016
Green Bay VenturesUnited StatesSan Francisco, CA6LeadNov 2016
Grove VenturesIsraelTel Aviv4LeadJun 2019
M12United StatesUnited States4LeadJun 2019
Viola GrowthIsraelHerzliya3ParticipantMay 2020
DNS CapitalUnited StatesChicago, IL3LeadJun 2019
Dov MoranIsraelKfar Saba2ParticipantNov 2016
SV AngelUnited StatesSan Francisco, CA2ParticipantNov 2016
Best HorizonPortugalLisbon1ParticipantMar 2018
Tony JamousUnited KingdomLondon1ParticipantMar 2018
SoftBank GroupJapanTokyo1LeadMar 2022
Martin CasadoUnited StatesSan Francisco, CA1ParticipantNov 2016
Marius NachtIsraelTel Aviv1ParticipantMar 2018

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Acquisitions by Rapid

Rapid has acquired 2 companies to date.

Last acquisition by Rapid was on February 10th 2021. Rapid acquired Paw for undisclosed valuation.


Latest Acquisitions by Rapid

Paw
Mashape API Marketplace
Description
Paw is a development tool for testing and interacting with REST APIs on macOS. San Francisco-headquartered Paw provides a visual interface for building requests, scripting environments in JavaScript, and generating client code in Swift, Python, and more. Launched in 2013, it supports OAuth, GraphQL, and HTTP/2 with dynamic values and team collaboration features.
Mashape API Marketplace is a cloud-based API marketplace platform that was acquired by RapidAPI in 2017, originally serving as a hub where developers could discover, test, and connect to thousands of APIs for integration into applications and services.
HQ CountryEstoniaUnited States
HQ City
Tallinn
San Francisco, CA
Deal Date10 Feb 202131 May 2017
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Rapid Competitors

Rapid competitors include listed companies like Horizon Quantum and Hanwang Technology Co, and private ones like Hasura, LiveKit, Socket and Taiko Labs.

Public and private companies comparable to Rapid
CompanyHQStatusRevenueEBITDAValuation
HasuraIndiaBangalorePrivate--$1B
LiveKitUnited StatesSan Jose, CAPrivate$10M-$1B
SocketUnited StatesSan Francisco, CAPrivate$17M-$1B
Taiko LabsHong KongHong KongPrivate--$1B
Horizon QuantumSingaporeSingaporePublicly listed$269K($5M)$729M
Hanwang Technology CoChinaChinaPublicly listed$282M($14M)$605M

Rapid Public Comps

Rapid is no longer listed, but its public comps include Qt Group, Horizon Quantum, Hanwang Technology Co, Progress Software, Insyde Software, C3.ai, Shandong Cvicse, Justsystems, Suresofttech and Intercede Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Qt Group$249M$62M4.3x3.9x17.3x16.0x
Horizon Quantum$269K($5M)2287.8x-(125.2x)(33.0x)
Hanwang Technology Co$282M($14M)2.2x-(44.4x)-
Progress Software$978M$302M3.0x2.9x9.6x7.3x
Insyde Software$53M$14M5.3x5.2x19.6x19.5x
C3.ai$250M($484M)4.3x4.5x(2.2x)(6.2x)
Shandong Cvicse$22M($2M)8.0x-(112.8x)-
Justsystems$331M$156M3.1x3.2x6.7x-

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Common questions about Rapid

When was Rapid founded?Rapid was founded in 2015.
Where is Rapid headquartered?Rapid is headquartered in San Francisco, CA, United States.
Is Rapid publicly listed?No, Rapid was acquired by Nokia in November 2024.
Who acquired Rapid?Rapid was acquired by Nokia in November 2024.
What is Rapid's valuation?Rapid was last valued at $1B in its Series D in March 2022.
How much funding has Rapid raised?Rapid has raised $273M across 6 funding rounds.
What was Rapid's last funding round?Rapid's last funding round was a $150M Series D in March 2022, led by SoftBank Group.
Who are Rapid's investors?Rapid's investors include Andreessen Horowitz, Green Bay Ventures, Grove Ventures, M12, Viola Growth, DNS Capital, Dov Moran, SV Angel, Best Horizon, Tony Jamous and 10 others.
Which companies are comparable to Rapid?Companies comparable to Rapid include Hasura, LiveKit, Socket, Taiko Labs, Horizon Quantum and Hanwang Technology Co.
How many companies has Rapid acquired?Rapid has acquired 2 companies, including Paw and Mashape API Marketplace.

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