Tyk raises a $35M Series B from Scottish Equity Partners

At a Glance

Tyk, an open-source API gateway and management platform, has raised $35 million in a Series B funding round from Scottish Equity Partners. The money will be utilized to hire more people and improve and expand the tools available to users.

Tyk, an open-source API gateway and management platform, has announced that it has raised $35 million in a Series B funding round led by Scottish Equity Partners. The other participant was MMC Ventures. The funds are used both for recruitment and to further enhance and expand the users’ tools.

Tyk has built a way to use a universal interface through GraphQL to access and manage several internal enterprise APIs.

Tyk was developed as an open-source tool, and some engineers in other companies have used it. With more attention, some of the major companies interested in using it started asking why they were not charging — a sure sign, like any, that probably there was a company here to be built and more credibility to come when charging.

“So we made the gateway open source, and the management part went into a licensing model,” said Martin Buhr, CEO and founder of Tyk. Tyk is a startup co-founded by James Hirst, now COO, who had been involved with Martin some years ago in a digital agency.

Tyk’s core motivation has remained its unique point of sale for the customers in ever more complex environments. Tyk has created the phrase “universal data graph” to describe its method of managing APIs and their generated data. Its solutions are now used to manage APIs by over 10,000 firms, including significant corporations such as Starbucks Societe Generale and Domino’s.

What sparked interest in Tyk was that companies were unhappy with API management as it exists today. It was just the right time when containerization, Kubernetes, and microservices were on the rise. The way we approach the multi-data and multi-vendor cloud model is super flexible and resilient to partitions, in a way that others have not been able to do.

Martin Buhr, CEO and founder of Tyk

Martin Brennan, a director at Scottish Equity Partners, said, “Martin and James have built a world-class team, and the addition of this new capital will enable Tyk to accelerate the growth of its API management platform, particularly around the GraphQL focused Universal Data Graph product that launched earlier this year. We are pleased to be supporting the team to achieve their global ambitions.”

With this round, Keith Davidson, a partner at Scottish Equity Partners, will join the Tyk board as a non-executive director.

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