Nokia acquires Israeli API co Fast

Nokia has acquired Israeli firm Fast (previously generally known as RapidAPI), “TechCrunch” experiences. 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 property to Nokia for an undisclosed sum.

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

Know-how trade sources imagine the corporate was offered with money fund left over from the earlier fundraising spherical in 2022 value an estimated $150 million. On this approach, evidently the prevailing buyers within the firm, the primary one in every of which is SoftBank, will recoup a part of their funding within the firm. Different buyers embrace 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 way of the involvement of SoftBank, the most important investor within the firm, the Israeli administration was changed by a largely American staff, 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 packages (API), a specialization that Nokia desires to take to its prospects from the mobile and communication operations, with the intention to assist them join with a larger variety of utility builders.

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