API Management Platform Provider Increases Revenue Fivefold in the First Half of 2008; New Funding Secured to Support Growth
SAN FRANCISCO – June 26, 2008 – Mashery, a leading provider of solutions to help companies make content and services available across the web, announced today that it has secured 31 new customers in the past six months. These customers complement Mashery's existing customer base to account for 500 percent revenue growth so far this year. To support this growth, Mashery has closed a new round of funding, including investment by .406 Ventures and Marc Benioff.
Mashery's expansion is coming from a variety of key verticals including media, entertainment, travel, and business services that see rapid business development advantages through leveraging a web services strategy. New customers such as Lonely Planet, Reuters, Whitepages, and Dada Entertainment LLC represent an interesting shift as larger, more prominent companies are recognizing the importance of opening their content and services on the web.
Along with this strong customer and revenue growth, Mashery has raised an additional $2 million of financing, led by .406 Ventures. Marc Benioff, CEO of Salesforce.com, also participated in the round, as did previous Mashery investors First Round Capital and Formative Ventures. The additional funding will help accelerate product development, increase customer support, and build out the sales and marketing team.
"Mashery will use this additional funding to support our customers and accelerate product development," said Oren Michels, CEO of Mashery. "Our rapid growth over the past six months demonstrates recognition of the business development value inherent in APIs. We raised this funding to make sure our customers see value from their Mashery implementation quickly and get the ongoing support and functionality they need."
About Mashery
Mashery is the leading provider of on-demand API management solutions. Business development executives of today rely heavily on web services and APIs to recruit and manage their strategic partnerships. Mashery provides the management, infrastructure, and metrics required to build a scalable business development channel using web services. Media, entertainment, and information sectors are taking advantage of Mashery's on-demand services to partner with interactive properties and broaden distribution. Launched in 2006, Mashery is backed by First Round Capital, Formative Ventures, The Accelerator Group, and many prominent angel investors.
For more information, please visit www.mashery.com.
