blur blur background image

The GGV Capital API-First Index

At GGV Capital, we are focused on finding the most promising developer-first software companies commercializing APIs, having already backed Agora, Authing, Pinwheel, Mindee, and Stream. We are going all-in on API companies because they will fundamentally simplify software development. APIs will allow developers to offload lower-value and time-consuming components of application development so they can focus on higher-value work. For example, instead of a company asking its developers to spend months writing code to accept payments for its software, they can get up and running quickly with Stripe. For authentication, they can use Auth0. For chat, they can use Stream.

We expect the use of APIs to continue growing exponentially in the next few years, and many promising companies are building with an API-first approach, including Algolia for search, Mux for video, and Commerce Layer for e-commerce. The public markets are also taking notice. Twilio and Agora are now publicly traded. Okta acquired Auth0 for $6.5B. SoFi acquired Galileo for $1.2B. We expect this trend to continue.

In Q2, we observed exciting changes to the API-First Index:

Four new entrants to the API-First Index: Atomic, Courier, Fidel API, Modern Treasury 
One acquisition: Embed acquired by FTX

GGV Capital is tracking over 150 API-first companies. We have published the API-First Index below to highlight the top 50 private companies based upon total funding raised*. With this Index, we are focusing on API-first companies and have not included the broader and flourishing API economy (but are also very excited about this, having backed Kong and Tray.io!). If you are building API-first, we would love to meet you! Please contact us to be included in our list.

Q2 2022 Insights

$

13.2

B

total funding raised by API-First Index companies

$

60

0M+

raised by
API-First Index companies in Q2

8

rounds closed by API-First Index companies in Q2

The API-First Index

Stripe
2235
M
FinTech
MessageBird
1334
M
Communications
DriveWealth
833
M
FinTech
Rapyd
806
M
FinTech
Plaid
734
M
FinTech
Checkr*
680
M
HR
Alchemy
414
M
FinTech
Foursquare
393
M
Location
Mapbox
360
M
Location
Contentful
339
M
Content
Algolia
334
M
Content
TrueLayer
306
M
FinTech
Nium*
288
M
FinTech
Sendbird
221
M
Communications
Persona
218
M
Security
Codat*
180
M
FinTech
Mux
174
M
Content
Nylas
173
M
Communications
Cohere
170
M
AI & ML
Unit*
169
M
FinTech
Zero Hash
168
M
FinTech
Alloy
158
M
FinTech
Shippo
154
M
Logistics
Railsbank
140
M
FinTech
PubNub
135
M
Communications
Stytch
126
M
Security
Check
119
M
FinTech
Fidel API*
106
M
FinTech
Finix
98
M
FinTech
Cover Genius
96
M
Insurtech
SentiLink
93
M
Security
EasyPost
88
M
Logistics
Radar
86
M
Location
Orum
82
M
FinTech
Lob
79
M
Marketing
Alpaca
79
M
FinTech
EMnify
79
M
IT
Pinwheel
77
M
FinTech
Stedi
75
M
IT
Coterie
73
M
Insurtech
Yapily
72
M
FinTech
Skyflow
70
M
Security
Zonos
70
M
Logistics
Gretel
68
M
Data
Atomic*
68
M
FinTech
Daily
62
M
Communications
Ribbon
59
M
Healthcare
Stream
59
M
Communications
Courier*
57
M
Communications

* denotes companies that raised in Q2 2022.

Please note: Private company funding information is pulled from publicly available information on Crunchbase and PitchBook as of June 30, 2022. GGV Capital will update the Index quarterly to account for funding updates.

blur blur background imageblur blur background image