An interesting virtual event platform announced a funding of USD 35 million
It is so exciting and surprising to see a virtual event platform! Imagine software that allows the users to host virtual conferences, meetings, seminars, and whatnot very easily and conveniently.
Let us talk about a virtual event platform. It can be defined as software that gives the opportunity to host all types of events through an online medium. A simple application or in many cases just a simple web browser can help the users in hosting, creating, and managing the events to be conducted virtually. Some of the common tips which are listed down to host virtual events successfully are-
Goals should be set and clear from the beginning :
The platform to host the event should be chosen correctlyThe time to host the event should be thought after
Promotion of the event should be done dedicatedly
A clear agenda should be developed which includes speakers and timeframes
Moderators should be included in the event
The audience should be engaged
Prepare to troubleshoot
The market value of the virtual event platform of the world is at USD 10.4 billion in the year 2021 and is expected to grow at a CAGR of 12.7% and will be reaching USD 18.9 billion by the year 2026. Let us now talk about the funding of a startup that is working in this industry that has taken place recently.
Before this startup, other players in the industry had announced their funding. The startup Hubilo had raised USD 125 million in funds in October last year. That round of funding was led by Alkeon Capital. In January 2022, the startup Zuddl had raised USD 13.3 million in funds which were led by Alpha Wave Incubation.
Announcement of funding of a virtual event platform
The startup, Airmeet has raised funds worth USD 35 million, as announced on February 08, 2022. This round of funding that has taken place recently and we are discussing saw the participation of many investors, which were Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures, and Nexxus Global. Even the existing investors were also a part of this round of funding. The existing investors included Sequoia Capital India and Accel India.
The startup has plans to use the funds raised in heavily investing in research and development. The startup also plans to use a portion of the funds raised in increasing and scaling its go-to-market function. The startup is also planning to put its focus on how to improve the brand awareness of the startup. This the startup aims to do by strategic planning and activities that will help the startup in bringing more visibility to its products around the world.
About the virtual event platform startup that has announced its funding
The startup, Airmeet was founded in the year 2019 by Mangal, Manoj Singh, and Vinay Kumar Jassi. The startup is the fastest growing platform which has its focus on hosting a rich variety of virtual events. The events which range from Hackathons to ice-breakers, panel discussions to workshops, when combined with the intuitive experience of the startup makes sure to deliver on the expectations of the organizers for a wide range of events and not just conferences.
There is a virtual “ballroom” in which every event on the platform of the startup takes place . This ballroom can be customized in appearance and seating arrangements to make sure to deliver a specific and upto the mark experience and is responsible for highly relevant interactions among the participants.
The mission of the startup is to empower organizations and communities in achieving effective collective progress. The startup currently has two products to offer which are Social Webinars and Virtual Conferences. The startup offers both these products at multiple prices. According to the startup, it started looking for the monetization of the platform in the year 2021, after the experiences of both of their events were amazing and they had seen a huge growth in the revenue in the last year.
The startup has plans to build a portfolio of new experiences on its platform in the coming future. The startup has been able to organize more than 12000 events and has streamed more than 150 minutes of video airtime around the world. The startup has more than 1000 customers and is planning to increase them to 15000 by the end of this year. The top customers of the startup are Flipkart, University College London, ViacomCBS, Fifth Element Group, Unifrog Education, and Minnesota State University.
Talking about the revenue of the startup, our country India is responsible for just 15% of the total revenue while largely the revenue comes from North America and Europe.
What has been said about the deal of funding?
Sumit Jain who is the senior partner at Sistema Asia Fund made a statement that said the global market value of virtual events industry has increased to USD 110 billion and has ample opportunities because of networking, marketing, and the new realities. He then appreciated the startup saying that it is reaching a stage where it is offering a product that provides the experience of an offline conference.
The startup is offering something which has become very important for today’s time. We wish the startup a stroke of good luck and a bright and successful future ahead with new innovations and products to offer!
Edited and published by Ashlyn Joy