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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.

We observed exciting changes to the API-First Index in Q3:

Increased the Index from 50 companies to 60+ companies that have now raised over $50M; this group raised $350M+ in Q3 across 8 rounds (including rounds for undisclosed $ amounts) & $14B in total funding
Twelve additions to the API-First IndexAssemblyAI, Belvo, Deepgram, Fabric, Fauna, League, Lokalise, Patch, Sardine, Solid, Truelayer, Truework

Q2 Update Highlights
• 50 companies raised $600M in Q2 across 8 rounds & $13B in total funding
• Four additions to the API-First Index: Atomic, Courier, Fidel API, Modern Treasury
• One acquisition: Embed acquired by FTX

Q1 Update Highlights
• 50 companies raised $1B in Q1 across 16 rounds & $12B in total funding

GGV Capital is tracking 150+ API-first companies. We have now expanded the API-First Index to include the 60+ private companies that have raised $50M+ in funding. 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.

Q3 2022 Insights

$

14

B+

total funding raised by API-First Index companies

$

350

M+

raised by
API-First Index companies in Q3

8

rounds by API-First Index companies in Q3

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
Fabric
294
M
Commerce
Nium
288
M
FinTech
Sendbird
221
M
Communications
Persona
218
M
Security
Alloy*
209
M
FinTech
League
206
M
Healthcare
Modern Treasury
183
M
FinTech
Mux*
174
M
Content
Nylas
173
M
Communications
Cohere
170
M
AI & ML
Unit
169
M
FinTech
Zero Hash
168
M
FinTech
Codat
163
M
FinTech
Shippo
154
M
Logistics
Railsbank
140
M
FinTech
PubNub
135
M
Communications
Alpaca
129
M
FinTech
Stytch
126
M
Security
Check
119
M
FinTech
Fidel API
108
M
FinTech
Truework
105
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
Patch*
81
M
Data
Solid*
81
M
FinTech
Lob
79
M
Marketing
EMnify
79
M
IT
Pinwheel
77
M
FinTech
Stedi
75
M
IT
Sardine*
75
M
FinTech
Coterie
73
M
Insurtech
Yapily
72
M
FinTech
Skyflow
70
M
Security
Zonos
70
M
Logistics
Gretel
68
M
Data
Atomic
68
M
FinTech
AssemblyAI*
65
M
Communications
Daily
62
M
Communications
Ribbon
59
M
Healthcare
Stream
59
M
Communications
Belvo*
57
M
FinTech
Duffel
57
M
Commerce
Fauna
57
M
Data
Courier
57
M
Communications
Deepgram
56
M
AI & ML
Lokalise
56
M
Communications

* denotes companies that raised in Q3 2022, including rounds for undisclosed $ amounts.

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

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