API unicorn Rapid laying off half of its workforce

API unicorn Rapid has laid off half its workforce, parting ways with 115 employees. The company doubled its team over the past year. New CEO Marc Friend wasted little time in implementing cutbacks after replacing founder Iddo Gino at the helm last week.

Full list of Israeli high-tech layoffs in 2022-23

Rapid notified its employees last Wednesday that Gino will no longer serve as the CEO of the company. Gino founded Rapid eight years ago when he was just 17 years old and still at high school in Haifa. Gino led the company to unicorn status after it raised $150 million in Series D funding at a $1 billion valuation in March of last year.

Iddo Gino.

Gino, who will remain involved as a technological consultant to the company, was replaced by CFO Marc Friend. Friend joined Rapid just three months ago in order to inherit Gino’s role after getting to know the company.

Rapid denied last week that a round of layoffs was set to follow the entry of the new CEO.

The 25-year-old Gino, who founded Rapid with Mickey Haslavsky, who left a few years ago, started the company after meeting with veteran entrepreneur Dov Moran at a hackathon. Moran's Grove Ventures is among the most prominent investors in the company alongside Qumra Capital, Viola Growth and Citi Ventures. In addition, prominent international funds are also invested in the company, led by Andreessen Horowitz, M12, SoftBank and Green Bay.

Rapid is a leading API Hub provider with a developer community of more than 4 million active developers. The Rapid API Hub helps individual developers and businesses of all sizes build, consume, and manage their APIs.