Tyk is a leading provider of open source API management software.
The use of APIs (“Application Programming Interfaces”) is proliferating rapidly as they have become central to modern software development. With businesses reinventing the way they work, software is now built across multiple clouds, locations, and teams – and digital experiences are increasingly dependent on APIs to integrate with various internal and third party microservices. Consumers and business users are increasingly using API-powered services on a daily basis, whether logging into a corporate system, accessing a video streaming platform, using online banking services or booking a flight online.
The growth in API usage and increasing complexity of enterprise infrastructure is driving demand for API management platforms. These platforms provide developers with a layer of governance and control over their organisation’s API estate that is otherwise difficult to manage at scale. Gartner estimates that the API Lifecycle Management market is worth over $2bn per annum and is growing at circa 25% per annum.
Tyk is one of a small number of “next generation” API management platforms built using modern technology. Tyk’s cloud native platform is lightweight, highly performant and developer-friendly and enables software teams to manage, monitor and secure their organisation’s APIs in a single, flexible, functionally-rich platform.
The business currently has over 200 customers across Europe, the US and Asia. Customers range from small, high growth software businesses to large enterprises such as the Financial Times, Kingfisher plc, Starbucks, Audi, RBS, Dominos, AXA, and Société Générale. Tyk’s software is a mission critical part of its customers’ IT infrastructure stack and has very high levels of customer satisfaction which are evidenced by strong net revenue retention rates.
The business has grown strongly on a capital efficient basis since being founded in 2014. A remote-first business, today Tyk has over 100 employees spread across 26 countries. The business is headquartered in London and also has offices in Singapore and Atlanta (USA).
“We received interest from a number of investors and are delighted to be partnering with SEP for the next stage of our growth. The funds will be used to continue disrupting the software industry by providing innovative solutions that empower our clients’ teams and put developers firmly in the driving seat when it comes to building and managing new products and services. Only a small number of enterprises have started their API management journey, and we know the sector has huge potential for growth and we’re excited for what the next few years will bring.”
James Hirst, COO and co-founder of Tyk.
- UK, US, Singapore
- Enterprise software
- Investment date