Virtual events platform Hubilo has raised $4.5 million in seed funding led by Lightspeed Venture Partners and a clutch of angel investors including Freshworks chief executive Girish Mathrubootham, former LinkedIn India CEO Nishant Rao, and Slideshare co-founder Jonathan Boutelle.
The San Francisco-based company offers gamified experiences to increase attendee engagement, and deep integrations with platforms such as Marketo and Salesforce to provide actionable insights to organizers and their sponsors who can finally prove return on investment from their event-related budgets.
Launched in 2015 as a cloud-based offline event management platform, Hubilo’s revenue took a massive hit as the event industry came to a grinding halt this year due to the Covid-19 pandemic.
In February this year, the company pivoted to a virtual event platform model. Since then, it claims to have grown over 40 times organically and is projected to exceed $10 million in bookings run rate and host over 1 million attendees in the next few months. It has grown from 30 employees in April to 120, according to founder Vaibhav Jain.
Hubilo said it would utilize the fresh capital to hire staff globally, set up its headquarters, and double the technology team.
It sees virtual event platforms such as MyZoom as a collaborator and Cvent and Hopin as competitors.
Jain has a bullish view for the virtual event industry in a post-pandemic world and believes that companies would move forward with a hybrid event model to expand their customer reach.