Delaware-based virtual event platform startup Airmeet on Feb. 8 raised US$35 million in Series B funding just six months since its Series A round. The latest came from new investors Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures and Nexxus Global. Also participating were existing investors Sequoia Capital India and Accel India.
Airmeet was founded by India-based entrepreneur and CEO Lalit Mangal in 2019. Since receiving $15 million last year, $12 of it in Series A funding led by Sequoia Capital India, the company claimed it grew 30 percent month over month. According to a press release, Airmeet has enabled more than 120,000 event organizers to stream 150 million minutes of video airtime globally.
On the same day, Los Angeles-based event management platform Swoogo secured $20 million in Series B investment led by Bain Capital. CEO Christopher Sykes, who acquired a majority stake in the company in March 2020 with backing from Eagle Rock Capital, has nearly tripled recurring revenues since the start of the pandemic, according to a press release. As part of the transaction, Bain Capital VP David Healey will join the Swoogo board.
The Money’s on Virtual Events
Airmeet and Swoogo aren't the only virtual event platform getting fast funding. Two San Francisco-based companies, Hubilo and Zuddl, have seen similar rapid expansion.
Hubilo raised $125 million in Series B funding last October, just seven months after it had completed Series A. Meanwhile, a 2020 startup, Zuddl raised $13.35 million in a Series A round just last month.
Each solution playing in the sandbox—including Airmeet and Swoogo—claims major global clients. Zuddl says it has scaled 30 times since May 2020, Airmeet says its scale number is 24 times since October 2021.
Swoogo and Hubilo both started in 2015, a date that qualifies them as “Boomers” in tech startup years. That relative staying power may be attractive to investors, but the fresh functionalities that come after big funding will be critical to the success of all these platforms in this fast-moving segment.
Virtual Event Platforms on VC Fast Track - Business Travel News
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