Rapid rose to prominence amid a boom of interest in APIs a decade ago, when APIs were first emerging as the webbing between a disparate number of apps and other services. Rapid’s pitch was that it provided a one-stop place to find and use APIs in what appeared to be a very fragmented market.

But it’s not clear that Rapid found a route to profitability in providing that service. Rapid’s founder Iddo Gino (a wunderkind who started the company aged just 17 in 2015), stepped down as CEO in April 2023, replaced by Marc Friend, and in the weeks following, the startup saw at least two major rounds of layoffs that reduced headcount by 82% (cue headlines of the company’s “Rapid descent“).