Through the series A funding round held on February 2021, it was announced that event networking app Grip raises $13M. This round of funding was led by Kennet Partners, a London-headquartered private equity company. In total, the online event platform has gained $14.5 million of investment after this round.
Grip Plans after Raising The Investment
At least for several months ahead, the in-person events have to move to the digital space. Due to this condition, a lot of virtual event companies are thriving during the pandemic.
With the news of event networking app Grip raises $13M, it is clear that this company is amongst virtual meeting platforms that benefitted from this situation. Even though it was previously known as physical conferences networking app, it has moved the experience into a different medium since last year. Now, the company combines different types of events, including live, virtual, and hybrid. It is safe to say that the strategy seems to paid off, considering that it has raked a total of $14.5 million worth of investment.
This time of funding round was led by Kennet Partners, a private equity investment firm that based in London and focuses on offering growth capital for tech-enabled, internet, and software companies.
When being asked about what this event networking app company will utilize this investment for, the founder and CEO, Tim Groot, stated that it is now going to heavily invest in product development and worldwide expansion.
The company is set to achieve their goal, which is to encourage event organizers to bring out together the professionals in order to advance the industry. The company also wants to support event organizers across the world to continue their business digitization and promote their success into the new reality. He emphasized about the importance of connecting people, especially professionals, in meaningful and useful ways these days.
The result from this round of funding is going to allow the company to bring next level experience, benefitting the market-leading online conference platform, and providing distinctive value for in-person, virtual, and hybrid events.
Grip is an experienced event networking app that was established in 2016. The company provides link between exhibitors, speakers, and delegates in simple and fast way. It features AI-powered engine to created events that connect people. So far, the conference platform has been working with renowned event organizer brands such as VentureBeat, Reed Exhibitions, TechCrunch, and Messe Frankfurt.
Following the fulcrum of and virtual events in 2020, it has hosted more than a hundred events monthly with total of users reaches more than 1.5 million. The event networking company stated that its revenue growth 400% in 2020 and it expects to host more than 10,000 events with more than 5 million users this upcoming year.
In addition, this virtual conference provider company also allows it platform to be used to hold group conversation. According to a recent report, it is currently working on ‘speed networking’ feature, a functionality that lets the users to create immediate 3-minute conversations. The virtual event app can be integrated with other platforms of streaming as well, including Zoom, YouTube, Vimeo, BlueJeans, and many more.