Nokia acquires Israeli API co Rapid

Nokia has acquired Israeli firm Fast (previously referred to as RapidAPI), “TechCrunch” reviews. Fast has raised $272 million because it was based and two years in the past had a valuation of $1 billion. However since then the corporate, which developed an API Hub to assist builders create and collaborate on APIs, reached an deadlock with its platform, and fired 82% of its workers together with its founder and CEO Iddo Gino, as soon as thought of the wonder-kid of Israeli tech. It has now offered its belongings to Nokia for an undisclosed sum.

API platform RapidAPI raises $150m at $1b valuation

Expertise business sources consider the corporate was offered with money fund left over from the earlier fundraising spherical in 2022 price an estimated $150 million. On this means, it appears that evidently the prevailing traders within the firm, the primary one in every of which is SoftBank, will recoup a part of their funding within the firm. Different traders embody Israeli funds Viola and Qumra, Andreessen Horowitz, Inexperienced Bay, DNS Capital and M12. Dov Moran’s Grove Fund offered its stake within the firm a number of years in the past.

With the upheaval that the corporate underwent in 2023, by the involvement of SoftBank, the biggest investor within the firm, the Israeli administration was changed by a largely American group, led by CEO Marc Pal, who fired over 150 workers within the firm, leaving about 40 workers.

Fast has established a digital marketplace for interfaces between applications (API), a specialization that Nokia desires to take to its prospects from the mobile and communication operations, to be able to assist them join with a higher variety of utility builders.

Revealed by Globes, Israel enterprise information – en.globes.co.il – on November 14, 2024.

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