Virtual event platform Hopin, which was founded before the pandemic, has been on a hot streak over the past 18 months, acquiring five companies and completing multiple rounds of funding. The company most recently announced that it had closed out a Series D round with $450 million in funding, bringing its total valuation to $7.75 billion.
This latest round was co-led by new investors Arena Holdings and Altimeter Capital, and is the fourth funding round Hopin has completed in the last 14 months, following a $40 million Series A in June 2020, a $125 million Series B in November 2020, and a $400 million Series C this past June. It has now raised a total of over $1 billion.
The company is growing and scaling its platform extremely fast following the significant demand for its product during the pandemic. Hopin’s team, for example, has grown from a few dozen in mid-2020 to over 800 today.
In a blog post announcing the new funding, Hopin Founder and CEO Johnny Boufarhat noted that since its beginnings in 2019, “the Hopin vision has been one of expanding access and building connection,” and it plans to use the funding to “accelerate expansion of the Hopin platform, invest in the development of multi-product platform technologies, and build new product suites.”
Boufarhat also re-emphasized Hopin’s intention to move from a virtual event solution to a multi-product experiences platform. Its many acquisitions over the last year are helping the company achieve that goal, and we can certainly expect more developments coming from Hopin in the near future.
“Hopin started with the goal of giving people more options for meaningful connection,” said Boufarhat in a statement. “We continue to uplevel with the priority to become accessible to all, and offer the optimal solution to seamlessly connect people to experiences for live events and beyond. Hopin plans to be wherever important conversations and connections happen. We are grateful for the ongoing support and confidence of our investors to actualize this.”