Unicorns

Postman's valuation soars to $2B with latest round

June 11, 2020
Postman has raised $150 million in a Series C that values the startup at $2 billion, over five times its previous valuation.

Insight Partners led the round for the San Francisco-based company, which is the creator of a platform that helps application programming interface developers collaborate on projects. Existing investors CRV and Nexus Venture Partners also participated in the financing.

The funding marks the ninth-largest valuation jump for a VC-backed company in the US so far this year, ranking below companies including Stripe, Snowflake and SpaceX, according to PitchBook data. Postman was previously valued at $365 million in June 2019, when CRV led a $50 million Series B for the business, also according to PitchBook data.

Founded in 2014, Postman has around 500,000 customers, including UiPath, Shopify and Twitter. The global API management market is expected to grow to $5.1 billion by 2023, according to a March 2019 report by market research firm ReportLinker.

"From our view, investors are looking for companies with real business momentum and solid economic fundamentals," Postman co-founder and CEO Abhinav Asthana said in an emailed statement. "Companies that have demonstrated product-market fit and show a clear path to profitability are more likely to be funded."


Featured image of co-founder and CEO Abhinav Asthana courtesy of Postman

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