TechCrunch reported that Nokia has acquired Israeli company Rapid (formerly RapidAPI). Rapid has raised $272 million since its founding and was valued at $1 billion two years ago. But since then, the company, which created API Hub to help developers create and collaborate on APIs, has stalled on the platform and lost founder and CEO Ido Gino, once considered Israel’s wonderchild. We laid off 82% of our employees, including technology. The company has now sold assets to Nokia for an undisclosed amount.
Related articles
API platform RapidAPI raises $150 million at $1 billion valuation
Technology industry insiders believe the company was sold with an estimated $150 million worth of cash left over from a previous funding round in 2022. As a result, existing investors in the company, mainly SoftBank, are expected to recover a portion of their investment in the company. Other investors include Israeli funds Viola and Kumra, Andreessen Horowitz, Green Bay, DNS Capital and M12. Dov Moran’s Globe Fund sold its stake in the company several years ago.
Due to the upheaval experienced by the company in 2023, with the involvement of its largest investor Softbank, the Israeli management team was replaced by an American team led by CEO Mark Friend, and the company laid off more than 150 employees. and retired. The company has approximately 40 employees.
Rapid has established a digital marketplace for program-to-program interfaces (APIs). This is an area of expertise that Nokia wants to bring to its cellular and telecom customers, helping them connect with more application developers.
Published by Globes, Israel Business News – en.globes.co.il – on November 14, 2024.
© Globes Publisher Itonut (1983) Ltd., Copyright 2024.
