The news on June 2021 revealed that Twine raises $3.3M through its second round of funding. This made the total of investment gained by this online event platform was summed up to $4.7 million. More details about the company and the funding below.
Twine Raises $3.3M in Seed Funding
For the series B of its seed funding held on midst 2021, Twine raises $3.3M. This round of investment of the video chat startup company was led by Moment Ventures and was joined by several participations such as Bloom Venture Partners, Mentors Fund, Coelius Capital, AltaClub, and AltaIR Capital.
After the series B was wrapped up, it has raked a total of $4.7 million. With the gained funding, the company said to have a plan to use the investment to improve the platform’s accessibility, promote sales and success of the customer, and expand itself.
The service was launched in the middle of Covid-19 pandemic outbreak, claiming itself as the alternative for Zoom. However, since then, it has shifted its concentration from providing online conference platform to digital event space – with specific attention on currently popular online events. Aside from offering livestream ability, it also provides several other features such as Q&A and text chats, which are commonly missing from plenty of other virtual meeting platforms.
Along with the announcement of the funding, it also revealed other news. One of the published information was about how Clint Chao (Moment founding partner) is going to join the company’s boards of directors. Other notable revelation is how this virtual event app developer launches ‘Cyber Cafe’, a service that provides networking for small groups. This feature enables a group with maximum 5 participants to collaborate and network in customizable and brandable virtual space. It is planned to be released in private beta version first, before being launched for public in July 2021.
Twine was established by Diana Rau, Taylor McLoughlin, and Lawrence Coburn, who were previously co-founding DoubleDutch, before the software company was acquired in 2019 by Cvent. It offers initial product that used by clients as participants in one-on-one, matchmaking exchange revolving structured topics.
The original idea of the team was to assist people create social connections, which might be missed out due to the required lockdowns during the pandemic. It enabled the users to conduct online chat and meet virtually with problems. During its earlier development, the virtual conference company was successful to gain some traction, with around 10% of users registered as premium. However, the company found that more and more people were timid of connecting online with random strangers.
In early 2021, the new version of this service was launched a new version that focused on providing virtual events, by offering the event organizers a professional set of networking tools. In contrast with majority of virtual event companies that provides broadcasts with numbers of audiences, it promotes more intimate discussion and conversation by allowing a limited number of people in one group.
This more personal version of conference platform can be used for free on the official website for organizers who want to conduct small events with 30 participants or less. However, if they want to scale up their event, they have to be premium member that’s charged based on numbers of attendee.