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$3.1M: Archetype – API Billing

The company is still testing the solution with several clients. 

When developers build software with API access, they need to figure out how to fairly bill users for accessing the API gateway. The flat fee will probably not cover the costs of active users and will be unfair to less active users. Archetype, an early-stage startup, has created an API usage measurement solution that allows developers to bill based on actual usage.

The company today announced a $3.1 million seed investment. Funding was closed in May last year.

“We at Archetype are building a billing platform for the API. Essentially, what we are doing is creating an accounting and billing control framework for API-focused companies,” said Behailu Teklesadiq, co-founder of the company.

Teklesadik says his solution relies on Stripe services to provide developers with a full-service measurement solution. “We are built on top of Stripe, providing easy integration through their back-end services and some external portals, and allowing companies using the API to launch self-service products and monetize their platforms.”

Archetype features include usage-based pricing, usage limits, or rate limits. He says that all this is combined in one service.

The service works just like any API service – it’s just a line of code and you can customize various elements through the toolbar. You can also customize it with the Archetype component library for an external client.

“If you want to deploy a self-service [element] like automatic pricing for your end customer, you can use our component library and basically just dynamically update something. And your customers can view their usage statistics and manage their subscription through our customer portal,” he said.

The company is still testing the solution with several clients. The startup currently has eight employees and they just hired a couple of engineers. The company’s seed round was led by MaC Venture Capital with participation from Hustle Fund, Magic Fund, NOMO Ventures, Soma Capital and other investors.