One of the most remarkable things about Airtable’s colossal valuation attained in 2021 is the fact that there have been so many ambitious entrepreneurs chasing its Pieces of Pie. That’s because, while SaaS (software as a service) has long been a proven business model in the United States, in emerging markets, and even across China’s burgeoning tech industry, many users still expect software to be free. Even with Airtable commanding an eye-popping valuation of $11 billion, there are plenty of startups eager to snatch up smaller slices of its pie – with the eventual aim of monopolizing it completely.
Asian SaaS companies are venturing into the Western market in order to grow their paying customers. APITable is one such company, and it is unabashed about its ambition to take on Airtable. In a step-by-step guide on how to migrate from Airtable to its own platform, APITable showcased its skillful ability to integrate with other CRM systems. This rivalry is likely only going to heighten as these startups strive for supremacy in the well paid SaaS industry.
APITable is pitching itself as a system integrator for databases, building on the popularity of open-source alternatives like MySQL and MongoDB. The company’s co-founder and COO Gary Li says that users will be able to connect APITable to platforms such as Zapier, Slack, Google Workspace and ChatGPT in the near future using its API. This could make it a valuable addition to organizations who need an easy way to manage data across various platforms.
APITable is a cloud-based software that helps users quickly discover, analyze and visualize data. With its simple drag-and-drop interface, the software is easy to use and can be deployed by organization users without any technical skills. In 2022, APITable boasted over 20,000 user accounts from around the world.
In 2019, when APITable was founded, venture capitalists were rushing to bet on local alternatives to cloud-based solutions like Zoom and Stripe. One of the first locals companies to secure funding was APITable, which began offering its Chinese version Vika in March of that year. Initially, the company found success and received enthusiastic reviews from users. However, as the market for cloud-based solutions boomed in China in late 2019 and early 2020, more established companies began offering similar products at a lower price point, ultimately leading to APITable’s downfall.
Interestingly, APITable also secured $10 million in funding from prominent VCs like IDG Capital, GL Ventures (Hillhouse’s early-stage arm) and 5Y Capital. This shows just how much faith these investors have in the startup’s prospects and underscores the high level of validation that APITable has received thus far.
Vika likely faces significant competition from its rivals in China, but it remains to be seen if this can hurt its success. In addition to developing its own products, Vika also plans to aggressively expand into the West through APITable. This move may help the company stand out from its competitors and maintain a foothold in the market.
Chan understands the importance of developing a user-friendly platform, and this is evident in his previous work at HeyTea. With apps like the ordering timer and membership scheme, Chan has helped make dining out easier for those not technically savvy. In doing so, he’s created platforms that can potentially boost revenue and expand the reach of these businesses even further.
