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Kong
- Kong provides a cloud-based API, essential for the functioning of much of the internet.
- The startup’s valuation has reached approximately $2 billion following a recent funding round led by Tiger Global Management, according to sources.
- Requests for comments from Kong went unanswered, and Tiger Global also chose not to comment.
Kong, known for its cloud-based application programming interfaces (APIs), is reportedly valued at around $2 billion after a new funding round spearheaded by Tiger Global Management. This information comes from two sources who preferred to remain anonymous due to the sensitive nature of the details shared.
In 2020, Kong successfully raised $80 million in Series D funding, which positioned its valuation at $1.4 billion. This particular round was also led by Tiger Global as per Pitchbook data. Other notable investors included Sapphire Ventures, Lombardstreet Ventures, Index Ventures, CRV, Andreessen Horowitz, and Notable Capital. Goldman Sachs is among other previous backers. To date, Kong has accumulated a total of $268 million in funding prior to this latest investment round.
Founded in 2009 as Mashape in an Italian garage by Augusto “Aghi” Marietti and Marco Palladino, Kong officially separated as an independent entity in 2017 and reported over $100 million in annual recurring revenue last year.
APIs serve as vital conduits for much of today’s internet infrastructure; among Kong’s clientele are major companies like PayPal, Nasdaq, and Volvo.
“It essentially functions as the nervous system of the internet,” Marietti remarked during an interview with Business Insider last year.
Tiger Global’s Investment Strategy Shifts Amid Market Changes
Tiger Global Management was established by Chase Coleman and made headlines during the tech boom with rapid investments—335 deals were recorded in 2021 alone according to Crunchbase data. However, following a downturn in the tech market landscape, their activity has significantly decreased. Yet there are signs that this trend may be reversing as interest grows within AI sectors; just last week they reaffirmed their commitment to OpenAI by participating in its substantial new funding round totaling $6.6 billion.
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