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Mashery Raises $10 Million to Expand Operations in Growing Business API Management Market
With clients including 10 percent of Fortune 100, Mashery expands footprint in API business transformation
SAN FRANCISCO − (July 23, 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.
Mashery, the world’s leading provider of API Management technology and services, helps power 50,000 apps for more than 150 top brands—including USA TODAY, Comcast, Hoover’s, Klout, Associated Press, Rdio and Expedia. Mashery helps companies build API-powered platforms for opening new distribution channels, speeding time-to-market, and spurring innovation. Mashery takes a holistic approach to APIs, from crafting platform strategy and setting business objectives, to managing API delivery and facilitating relationships with a network of 160,000 developers. Mashery was founded in 2006.
About OpenView Venture Partners
OpenView Venture Partners (www.openviewpartners.com) is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly optimize their product, go-to-market, and organizational and operational functions. Founded in 2006, the firm invests globally and has approximately $440 million in total capital under management.