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{"id":30025,"date":"2023-04-25T21:49:28","date_gmt":"2023-04-25T21:49:28","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/25\/rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50\/"},"modified":"2023-04-25T21:49:29","modified_gmt":"2023-04-25T21:49:29","slug":"rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/25\/rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50\/","title":{"rendered":"RapidAPI, valued at $1 billion last year, cuts staff by 50%"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/25\/rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50\/<\/a><\/br>
\nRapidAPI, valued at $1 billion last year, cuts staff by 50%<\/br>
\n2023-04-25 21:49:28<\/br><\/p>\n

\n

Rapid (previously known as RapidAPI), a startup that built out an API marketplace <\/span>valued at $1 billion<\/span><\/a> last year, is cutting 50% of its staff TechCrunch has learned.<\/span><\/p>\n

According to an email to employees from CEO Marc Friend viewed by TechCrunch, the move is part of \u201ca significant restructuring\u201d in an effort to \u201cright-size the company.\u201d<\/span><\/p>\n

In the email, Friend said that <\/span>Rapi<\/span>d<\/span><\/a>\u00a0tried \u201cto compete on too many fronts\u201d as a product company.<\/span><\/p>\n

He added: \u201cWe have grown large as an organization and often sacrificed agility. Moving forward, we will be disciplined on our product focus and ruthless about customer success.\u201d Friend only last week took over the role of chief executive of the company. CEO and founder Iddo Gino is now a technical advisor, per a company announcement<\/a>.<\/span><\/p>\n

The layoffs are believed to have impacted 115 people and are hitting workers across Europe, Tel Aviv and San Francisco, according to a source familiar with internal happenings at the company. The email \u2014 which went out on Monday \u2014 said only that \u201ca large number\u201d of employees would be let go \u201cin the next few days.\u201d Workers across several departments \u2014 including sales, talent acquisition, engineering, product and marketing \u2014 are said to have been affected.<\/span><\/p>\n

The company has confirmed to TechCrunch that it expects to reduce its team size \u201cby around 50% and close all open roles,\u201d but it declined to confirm the specific number of individuals affected.<\/span><\/p>\n

In a statement via email, a spokesperson said: \u201cFollowing the path of many technology companies recently, our new incoming CEO and the Board have made the difficult decision to implement a restructuring and will be saying goodbye to many of our friends and colleagues. The decision to reduce the number of employees and rebalance investments is one we don\u2019t take lightly.\u201d<\/p>\n

RapidAPI<\/span>\u00a0built a platform that helps businesses find and integrate third-party APIs, as well as manage their own usage of their own internal APIs. It raised $150 million in March of 2022 in a Series D round led by SoftBank\u2019s Vision Fund 2. Other backers include Qumra, Andreessen Horowitz, M12 (Microsoft\u2019s Venture Fund), Viola Growth, Green Bay and Grove Ventures.\u00a0<\/span><\/p>\n

Last November, RapidAPI announced it had <\/span>rebranded<\/span><\/a> to Rapid and that <\/span>more than 4 million developers used its public API hub. That hub, it claimed, had grown to among the world\u2019s largest \u2014 giving developers the ability to integrate more than 40,000 APIs from companies such as Twilio, Microsoft and Google. At the time, it touted new enterprise customers such as ATA, Poly, Formula 1\u2019s Scuderia AlphaTauri and Sun Life Financial. It also boasted that it had doubled its company employees in the past year \u2014 to 200.<\/span><\/p>\n

RapidAPI also opened a new European headquarters in Berlin last July.<\/span><\/p>\n

Got a news tip or inside information about a topic we covered? We\u2019d love to hear from you. You can reach me at maryann@techcrunch.com. Or you can drop us a note at tips@techcrunch.com. Happy to respect anonymity requests. <\/span><\/i><\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/04\/25\/rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/25\/rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50\/ RapidAPI, valued at $1 billion last year, cuts staff by 50% 2023-04-25 21:49:28 Rapid (previously known as RapidAPI), a startup that built out an API marketplace valued at $1 billion last year, is cutting 50% of its staff TechCrunch has learned. According to an email to employees from CEO Marc Friend viewed by TechCrunch, […]<\/p>\n","protected":false},"author":1,"featured_media":30026,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-30025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nRapidAPI, valued at $1 billion last year, cuts staff by 50% - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/04\/25\/rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RapidAPI, valued at $1 billion last year, cuts staff by 50% - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/04\/25\/rapidapi-valued-at-1-billion-last-year-cuts-staff-by-50\/ RapidAPI, valued at $1 billion last year, cuts staff by 50% 2023-04-25 21:49:28 Rapid (previously known as RapidAPI), a startup that built out an API marketplace valued at $1 billion last year, is cutting 50% of its staff TechCrunch has learned. 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