Nokia acquires former unicorn Rapid to boost API-driven 5G monetization
Struggling Israeli-founded startup’s technology joins Nokia’s push to expand its network API ecosystem.
Nokia announced on Wednesday the acquisition of the technology assets and R&D team of Israeli-founded startup Rapid, including its API hub, which is utilized by thousands of active developers worldwide.
The financial terms of the agreement were not disclosed.
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Rapid was valued at approximately $1 billion in March 2022 following its $150 million Series D funding round. However, the company, which raised over $270 million in total, faced challenges in monetizing its platform, ultimately leading to the ousting of founder Iddo Gino in April 2023.
Gino, who co-founded Rapid in 2015 at the age of 17 with Mickey Haslavsky, launched the company after connecting with veteran entrepreneur Dov Moran at a hackathon. Investors in Rapid include Grove Ventures, Qumra Capital, Viola Growth, and Citi Ventures, alongside international heavyweights such as Andreessen Horowitz, M12, SoftBank, and Green Bay Ventures.
After Gino’s departure, Marc Friend, the company’s CFO, took over as CEO. His tenure began with significant restructuring, including layoffs that affected 115 employees—roughly half the workforce—in April 2023.
Finland’s Nokia, once the world’s largest mobile phone company, is looking to bolster its network API product development and go-to-market efforts. Nokia aims to expand its network API ecosystem to capitalize on 5G and 4G network capabilities, enabling operators to monetize network assets more effectively.
With substantial investments in 5G, telecom operators are increasingly turning to network APIs to unlock revenue opportunities by exposing their network functions in a standardized manner. This allows developers to build and market innovative consumer, enterprise, and industrial applications. The integration of Rapid’s industry-leading API technology with Nokia’s Network as Code platform and developer portal will help operators seamlessly incorporate their networks, actively manage API usage and exposure, streamline API lifecycle management, and collaborate with Rapid’s global developer community through its public API marketplace.
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Rapid’s API technology includes a public marketplace, enterprise services, and a API hub that allows organizations to securely design, build, test, and share APIs internally and with external partners. Through its public API marketplace, developers can monetize their APIs and access hundreds of others, fostering innovation and collaboration.
“We are pleased to join forces with Nokia,” said Friend. “Combining Rapid’s API technology and R&D expertise with Nokia’s scale and network domain knowledge will allow us to expand and enrich the broader API ecosystem.”
