As in-person events slowly make a comeback, investment in event tech is still going strong. Virtual event platform Hubilo is the latest event tech company to announce additional funding with an impressive $125 million oversubscribed Series B round, bringing its total funding to date to $153 million since October of 2020 — virtually all of its funding has taken place amid the pandemic.
The round was led by Alkeon Capital, and additional investors included Lightspeed Venture Partners and Balderton Capital. Hubilo began as a tech platform for in-person events — as did many other event tech providers that now offer virtual options — and was forced to pivot its offerings at the beginning of last year when the pandemic wiped out demand for its offerings.
Hubilo is now a fully-fledged virtual platform and has begun offering tools for hybrid events as well. This new funding underscores the continued investor confidence in virtual and hybrid tech, even as attendees and planners alike are itching to return to in-person gatherings.
“The potential ahead of us with this investment is massive,” said Vaibhav Jain, Hubilo CEO and founder, in a statement. “But what we’ve learned over the last 6 years is that an intuitive platform is just table stakes. Our commitment to event organisers is that we will always provide a dedicated event team to ensure flawless execution of every event. This is why so many event organisers make Hubilo their platform of choice.”
In a blog post announcing the new investment round, Jain shared that the funding would be used to dive deeper into Hubilo’s SaaS plan, which he notes will power the next phase of the company’s growth. Hubilo also aims to continue its expansion around the world, particularly in North America and EMEA and will look to launch a Hubilo marketplace “that will provide a collection of vendors and services that will allow our enterprise clients to plan out a more comprehensive event strategy in one place.”
The next few months will be key for platforms that reinvented themselves during the pandemic to develop a proven and sustainable business model as the world adjusts to what event formats and strategies will look like moving forward. Jain envisions Hubilo as a virtual engagement and connection tool that won’t replace traditional events, but will “make the next generation of events more digital and more engaging, unforgettable, and ubiquitous.”