In the morning of November 10, 2020, the revelation of Hopin raises $125M through its Series B round of investment has made it to the news. This new funds for the online event platform were achieved only shortly after it rises $40 million through previously held Series A funding on summer of the same year.
The Details of Hopin’s Series B Funding
As cited from the unicorn startup CEO, Johnny Boufarhat, the newly gained investment led to growing Hopin valuation to a $2.125 billion. The Series B round of funding is led by Tiger Global, which is a new investor for the company. It was also participated by several other investors such as Accel, Northzone, Seedcamp, Coatue, DFJ growth, and Salesforce Ventures.
It is certainly not a surprise that the company has raised more capital. Along with plenty of other virtual event companies, it has caught a tailwind when the pandemic outbreak began across the world, and most of in-person events are cancelled and prohibited.
During the funding round, the online conference platform provider announced that its monthly event attendee number has grown from 16,000 to 175,000 – only for four months, in March to June. Currently, based on the claim of the company, this led to a total of 3.5 million users and more than 50,000 of hosting event organizer teams.
Being established in 2019, Hopin is an all-rounded live online-based conference platform that allows its attendees to connect and interact with people across the world. By using the virtual event app service, the users are able to create virtual and hybrid types of events, in which the hosting or event organizers hold live events. The space enables them to gather remote team together, hold live training workshop, or launch annual conference. Moreover, it also provides a lot of sponsorship opportunities and virtual speakers backstage.
The virtual conference provider company has revealed about its big plans. It aims to continue product investment and employee hiring, that’s not surprising at all considering its annual recurring revenue (ARR) has grown to $20 million just in a span of nine months. The valuation growth and revenue of Hopin has positioned it as the leading tiers amongst other startup virtual meeting platforms.
In addition, Boufarhat also pointed about how his founded company is profitable today. This status is cemented as the Hopin raises $125M funding round puts it an impressively rapid growing startup company.
Future Plans of the Company Regarding Virtual Events
When being asked about the future of virtual events after the pandemic is over, Boufarhat stated that the initial vision of establishing Hopin was to make it into a hybrid events platform. This allows it to merge in-person and virtual experiences, so it doesn’t really see any significant risk when it comes to expanding the platform in the near future.
That being said, he explained how not every single of event can be translated into virtual space online. More personal and intimate event is going to suit better with face-to-face affair. However, it is estimated this condition doesn’t entirely close the door for online and hybrid events.