The Israeli company Bizzabo has raised $138 million in series E funding to meet increased global demand for software used to host professional events as in-person meetings have continued to be cancelled in light of the coronavirus pandemic, according to a company press release Wednesday.
As virtual events have become the new norm for conducting business, despite the upcoming release of the COVID-19 vaccines in the coming months, there remains a wide expectation that in-person events will be slow to return to routine.
“The future of professional events isn’t virtual-only,” said Eran Ben-Shushan, CEO & Co-Founder of Bizzabo.
“Our data shows very clearly that while virtual events have major benefits, attendees and businesses want to get back to live events. To stay relevant, marketers and event organizers will need to implement a hybrid strategy that blends together the best parts of virtual and in-person experiences,” the CEO added.
Bizzabo's professional event hosting software allowed organizations and companies to hold events that, with the coming vaccine, will likely be hybrid in the upcoming year, entailing both virtual and in-person coordination for a hybrid meeting.
“COVID-19 has permanently transformed the professional events category,” said Matt Gatto, a Managing Director at Insight Partners, who will join the Bizzabo board of directors.
“Bizzabo’s impressive growth and momentum began pre-pandemic and accelerated during it as they launched the industry’s first end-to-end event technology solution. Their pedigree in both in-person and virtual events and their impressive execution capabilities have them well-positioned to lead this rapidly evolving space. We are excited to partner with their leadership team and to support them in this new phase of growth,” Gatto added.
Bizzabo's software has been used by major Fortune 100 companies in eCommerce, technology, education and media.
“Our platform has seen unprecedented demand this year,” noted Ben-Shushan. “Compared to the year prior, the number of events organized through us has grown 65 percent. Additionally, the number of attendees registering for events with Bizzabo has grown 500 percent, while overall usage is up 150x.
"With a vaccine likely and more hybrid events in the future, we anticipate even greater growth. Bizzabo has been the category leader, experiencing hyper-growth both pre-pandemic and during the virtual transition, we are excited to continue to lead the market forward by doubling down on product, technology, and user experience, to help organizations unlock the power of hybrid experiences,” Ben-Shushan said.
The money generated will be reinvested in the company, focusing on providing a more comprehensive technology, increased software engineering and the opening of new offices in Europe in the beginning of 2021.