Chet Kapoor founded Apigee raises $20 Million in the Fifth round of Funding
Date: Tuesday , September 04, 2012
Apigee a provider of API products and technology for enterprises and developers raises $20 million in the fifth round of funding. This round of funding was lead by new investor Focus Ventures along with existing investors Bay Partners, Northwest Venture Partners, SAP Ventures and Third Point Ventures. These funds will be utilized by the company to boost development, marketing and sales for its leading API platform. The company is also looking at entering new markets particularly in the Asia-Pacific region and Latin America.
"Every business – from technology start-ups to bricks-and-mortar giants-- needs an API to compete in a digital economy that is increasingly dominated by apps as the primary vehicle for communicating, connecting and e-commerce," says Chet Kapoor, CEO Apigee.
Founded in 2004, the company was christened 'Apigee' only in 2010. Headquartered in Palo Alto, they build the platform needed to construct and manage application program interfaces, or APIs. The company acquired mobile cloud platform Usergrid in January, and recently picked up the assets and personnel behind the operator-backed Wholesale Applications Community (WAC).
Promod Haque, Managing Partner of Norwest Venture Partners (NVP), says, "Apps are becoming the foundation of mobile computing as well as enterprise IT, and Apigee enables businesses to embrace the new economy built on APIs and apps. We are thrilled to contribute to Apigee as it quickly builds on its API leadership position, meets overwhelming customer interest and helps drive this expanding industry."
Apigee has raised a total of $72 million; including their latest round. The company has a workforce of about 240 employees. Their clientele includes names such as AT&T, Dell, telenor, NDS, Netflix, eBay and Getty Images to name a few.