News: Hubilo announces £92 million investment as the new era of events begins to unfold
Global virtual events platform Hubilo has raised £92 million in Series B funding, bringing the total funding to £113 million in less than 18 months. One of the largest investments in event technology, this signals a revolution in the ways people connect and communicate in an era marked by uncertainty.
The Series B funding round was led by Alkeon Capital, Lightspeed Venture Partners and Balderton Capital. This investment aims to further Hubilo’s international growth by allowing the company to develop new business functions, advance platform innovation, strengthen product, engineering and design teams across the US, UK, EMEA and APAC. Hubilo also plans to expand by setting up new sales offices in key regions to reach a greater volume of customers. In addition, Hubilo will increase overall employee count by 150% to support growth plans and respond to increased demand for virtual and hybrid events.
“The power to engage with massive audiences unlocks the potential for more diverse, geographically dispersed communities to come together for business and consumer events, remote workforces to stay engaged and organisations to rethink the way they hire and train. The potential ahead of us with this investment is massive,” said Vaibhav Jain, CEO and founder at Hubilo.
When the pandemic hit in 2020, Hubilo saw revenues dwindling to zero. Rather than declare bankruptcy, they reworked their technology in 26 days and emerged as one of the leading architects of large-scale communications with the first version of their event platform. Hubilo works with some of the globe's largest brands such as Blackboard, Walmart and the United Nations. Their clients include University of Oxford, Smithers, European Athletics and many more.
“It is clear that the way we collaborate and connect will need to be re-architected in order for any global player to succeed,” said Abhi Arun, managing partner at Alkeon Capital. “In Hubilo, we saw a powerful technology capable of connecting the offline and online worlds, a strong CEO and an amazing market opportunity that gave us the confidence to invest.”
In a post-pandemic world, Hubilo’s popularity as an events technology platform boomed hosting over 10,000 events with more than two million attendees across more than 100 countries. “Businesses spend over one trillion dollars of direct spending on events. In the last couple of years, 15-20% of the enterprise events budget has permanently moved to digital events. Hubilo is one of the fastest-growing and innovative platforms serving this market. I expect in the next few years that Hubilo will be broadly acknowledged as a market leader in the space.” said Guru Chahal, partner at Lightspeed Venture Partners.
Commenting on EMEA’s importance for Hubilo, Vaibhav Jain added: “as organisations in the EMEA region are now embarking on their post-pandemic recovery journeys, we have seen a great number of them look at innovative ways to network and reconnect internally, and with their customers and partners. Hubilo provides pan-European teams with the perfect platform to foster fruitful collaboration and attend large-scale events without needing to travel.”
Why not check out Propolis, our exclusive community for B2B marketers to share insights, learn from industry leading marketers, and access our best content.