The news that RainFocus raises $60 million was published in the second week of September, 2021, through Series C funding round. As stated by the virtual conference company, this fund is going to be used to develop the company’s event strategies and widen their expanse to the right audience in the pandemic and after-pandemic era.
More about $60 Million Rain Focus’ Series C Funding Round
Following the closure of its third funding round, it was announced that RainFocus raises $60 million. The event was led by KKR, a global investment firm, which puts capital into the company through the second Next Generational Technology Growth Fund (NGT II). The round was also joined by prior investor JMI Equity, a growth-based equity firm that concentrates on technology and software companies. The company’s strategic partnership with both of these firms allows it to expand its virtual events marketing and management platform, widen its geographic progression, and fasten their go-to-market strategy.
More details about this round funding were not disclosed to the deal. The only reported data known is, according to the company’s filed paperwork to the U.S. Securities And Exchange Commission, was that the gained investment reached a total of $60 million.
The online event platform provider revealed that the funding is going to be used to amplify their developer team, along with promoting marketing technologies integrations. Moreover, they also planned to develop their research and development (R&D) strategy to create simplified track and events.
About Rain Focus
RainFocus is a company that was founded in 2013. It provides service of combining content and data from in-person, virtual, and hybrid events with existing and potential customers’ data. Even though most events are operating at logistical level, this startup online conference platform helps to apprehend and utilize relevant data to be used for sales and marketing divisions. Several prominent customers of this company are IBM, Cisco, and VMware.
According to JR Sherman, the company’s CEO, the service was created to provide solution for seemingly impossible issue of extracting data from virtual event app, vendors, agencies, and other types of partners. This implies that the company focuses on monitoring how people register, attend, and participate through sessions or exhibitors, as well as assisting virtual conference platform which includes broader keynotes and 1-on-1 meetings.
Similar to other virtual event companies, this company also has been benefitted from the booming business during the pandemic. It has attracted more tractions as more event organizers are trying to navigate whether to hold in-person, virtual, or hybrid events.
Just last year alone, it has seen a growth as much as 430% in terms of events and 200% in terms of revenue – which the number wasn’t disclosed to the public. Moreover, it also claimed that there are now over 5.1 users and over 9 million attendees that use and visit the platform.
Before the pandemic outbreak in 2020, most events are organized by organization’s in-team. However since then, more and more event managers and marketers are forced to look for helps from external virtual meeting platforms. SAP’s former CMO, Alicia Tillman, who took the position of the company’s board back in May stated, that what set their service apart from other similar providers, is that their focus to provide comprehensive events and data to support their customers’ marketing strategy.