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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 Algoia 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.

2023 Q2 Update Highlights
1) Investment activity continues at a slower pace in Q2
2) Cohere raised one of the largest funding rounds of Q2 at $270M
3) Two additions to the API-First Index: Clerk & LibLab

2023 Q1 Update Highlights

1) Slower investment activity continues in Q1 2023
2) Stripe raised one of the largest funding rounds of 2023 at $6.5B
3) Two additions to the API-First Index: Finch & Synctera

In 2022, we tracked VC deal activity for 120+ API-first companies across categories. Find out what we learned:

2022 Year in Review Report.


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 at apifirstindex@ggvc.com to be included in our list.

Q2 2023 Insights

$

22.3

B+

total funding raised by API-First Index companies

$

323

M

raised by
API-First Index companies in Q2

3

rounds by API-First Index companies in Q2

The API-First Index

Stripe
8735
M
FinTech
MessageBird
1334
M
Communications
DriveWealth
833
M
FinTech
Rapyd
806
M
FinTech
Plaid
734
M
FinTech
Checkr
680
M
HR
Nium
499
M
FinTech
Cohere*
440
M
AI & ML
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
Sendbird
221
M
Communications
Persona
218
M
Security
Alloy
209
M
FinTech
League
206
M
Healthcare
Finix
199
M
FinTech
Modern Treasury
183
M
FinTech
Mux
174
M
Content
Nylas
173
M
Communications
Unit
169
M
FinTech
Zero Hash
168
M
FinTech
Codat
163
M
FinTech
Shippo
154
M
Logistics
Cover Genius
153
M
Insurtech
PubNub
135
M
Communications
Alpaca
129
M
FinTech
Truework*
128
M
FinTech
Stytch
126
M
Security
Check
119
M
FinTech
Fidel API
108
M
FinTech
Coterie
103
M
Insurtech
Deepgram
103
M
AI & ML
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
Merge
74
M
Data
Yapily
72
M
FinTech
Skyflow
70
M
Security
Zonos
70
M
Logistics
Gretel
68
M
Data
Atomic
68
M
FinTech
Lokalise
68
M
Communications
AssemblyAI
65
M
AI & ML
Daily
62
M
Communications
Synctera
60
M
FinTech
Ribbon
59
M
Healthcare
Stream
59
M
Communications
Finch
58
M
HR
Belvo
57
M
FinTech
Duffel
57
M
Commerce
Fauna
57
M
Data
Courier
57
M
Communications
Clerk*
54
M
IT
LibLab
50
M
IT

* denotes companies that raised in Q2 2023, including rounds for undisclosed $ amounts.

Please note: Private company funding information is pulled from publicly available information on Crunchbase and PitchBook as of May 15, 2023. GGV Capital will update the Index quarterly to account for funding updates.

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