Mashery Raises $10 Million to Expand Operations in Growing Business API Management Market
Posted on: 24 July 2012
Mashery, the leading provider of API management platforms and strategy, announced today that it has raised $10 million in funding led by OpenView Venture Partners and other existing investors including Cisco, Formative Ventures, First Round Capital and .406 Ventures. The company will use the financing to broaden its global operations, sales and marketing force. Mashery will also further expand its current leadership in API strategy, platform and distribution for the rapidly increasing mainstream adoption of APIs to scale business-critical functions.
"As API Management emerges as a business-critical technology, we remain committed to the Mashery team’s unique strategy of partnering with brands to help them leverage APIs for business growth," said Scott Maxwell, Senior Managing Director, OpenView Venture Partners. “As recognition of our committed partnership to grow API Management as a business growth opportunity, OpenView has extended its investment in Mashery as the clear category leader."
In the past year, Mashery has fueled rapid expansion of API Management by accelerating API success for media trendsetters, data service powerhouses and retail industry innovators. Mashery’s multitenant SaaS-based API Management platform has grown 272 percent in traffic year-over-year. Mashery’s network of active developers grew more than 30 percent in the past year, to 160,000 members. The number of live applications built on Mashery-powered APIs rose more than 75 percent year-over-year to 50,000. This month Mashery also opened a Boston office, its fourth global location.
"The traction we are leading for the industry confirms that APIs have crossed over from a software component to a core strategy of how companies do business in the post-website era," said Oren Michels, CEO and Co-founder of Mashery. "This investment and continued partnership with OpenView and our other investors will allow us to pursue API Management as a business tool necessary for companies to scale."
In the past year, Mashery helped fuel APIs’ most aggressive growth to date. According to ProgrammableWeb, which catalogs 6,000 public APIs for developers, API volume doubled three times faster in 2011 than in 2008; in May, it reported a 15 percent increase in enterprise APIs alone. Mashery now works with 10 percent of the Fortune 100 and major brands including ABC News, Choice Hotels, Cisco, ESPN, Harper Collins, Intercontinental Hotels Group, USA TODAY, Expedia and Travelocity.