The past 18 months have seen unprecedented investment in the event tech space, and it shows no signs of slowing down. Virtual networking tool twine today announced that it has raised $3.3 million in new funding, bringing its total funding to $4.7 million.
twine provides serendipitous networking opportunities for virtual and hybrid events as well as for remote teams. The startup was founded by Lawrence Coburn, Taylor McLoughlin and Diana Rau of event tech company DoubleDutch, which was acquired by Cvent in 2019.
“The world has been irrevocably changed by the pandemic; office leases have been canceled, workforces are on the move, and virtual gatherings have found their footing,” said twine CEO Lawrence Coburn in a statement. “In a post pandemic, remote first world, software that can foster human connection will be mission critical for how we work, how we connect with others, and how we build our professional networks; we are excited to go deep in this space.”
The tool, used by customers such as Microsoft, Amazon, Forrester, and more, can be used with any technology stack to allow event planners to set up virtual networking rooms for attendees. The experience begins with an “opening act,” during which an executive or VIP can set the context for the networking session.
Then, twine’s matchmaking algorithm automatically matches participants for rotating, one-to-one conversations around structured topics. When the time limit expires, it automatically ends the conversation and connects participants to someone else. The tool also makes it easy for attendees to share contact information with each other during their conversations.
twine’s new product, Cyber Cafe, was also announced today at MPI WEC and will allow groups of up to 5 to network and collaborate within brandable, customizable, virtual networking rooms. The Cyber Cafe product is currently in private beta and will be generally available in July.