It is an understatement to say, that offline events, conferences, seminars, workshops etc. is an industry, that has been sent upside down by COVID-19 pandemic. And while traditional businesses dependent on such events languished, entrepreneurs quickly found an opportunity to use this to their advantage. Welcome, virtual events.
In a plethora of such virtual events platform, a standout one coming in from India, is ‘Airmeet’. And the company has become the first major startup in this category, to receive serious capital backing. Airmeet has announced raising of a new $35 Mn Series B round, with prominent backers getting behind it. These include Prosus Ventures, Sequoia Capital India, Sistema Asia Fund, RingCentral Ventures, among others.
In the last two years, Airmeet claims to have worked with over 120K event organizers, who have collectively streamed 150 million minutes of event video airtime globally on Airmeet. Organic reach and community support helped the company scale its ARR 24x since the Series A investment and it now claims to be growing at 30% MoM.
Lalit Mangal, founder and CEO of Airmeet, said in a statement, “This marks another milestone for our team at Airmeet as we scale our product offerings, customers and team globally. We are on the path to build Airmeet into your go-to audience engagement platform to help businesses, agencies & associations create immersive events & webinars for brand, content & pipeline acceleration.”
The sheer scale that Airmeet has been able to provide, as a dedicated virtual events platform, is impressive. The platform supports the ability for events to scale up to 100,000 participants & host multi-format events such as webinars, hybrid conferences, trade shows, workshops. While many others in the sector focused on being a hybrid — virtual events + meetings platform, Airmeet’s focus towards events perhaps helped it do better.
In terms of capital deployment, the company will be channeling the additional funds towards expanding footprints in the global market, investing heavily in product R&D, and scaling their GTM function.
