Entrepreneurship

Hopin Raises $400 Million For Hybrid Model

Read more at www.pymnts.com

Virtual events provider Hopin has raised $400 million in a Series C funding round, the company announced on Thursday (March 4), valuing the platform at $5.65 billion.

The funding will help scale the platform’s operations and meet growing customer demand. Hopin’s technology, already in use in Europe, will soon be brought to Marriott hotels across the U.S. and Canada, according to the press release.

The funding round, led by new investors Andreessen Horowitz and General Catalyst and existing investor IVP, follows a $125 million Series B funding round in November 2020. Year over year, Hopin has raised over $565 million, the press release stated. Existing investors Salesforce Ventures, Tiger Global, Northzone, Coatue and DFJ Growth also joined the Series C round.

“As we’ve seen, the importance of providing unparalleled virtual and hybrid event experiences has never been greater, and this latest funding is a reflection of how critical it is as brands look for ways to connect with people and avenues of growth,” said Johnny Boufarhat, CEO and Founder of Hopin, in the press release.

Boufarhat added that Hopin is “investing more in video innovation,” having recently acquired StreamYard, a video streaming company with over 3.6 million video content creators. Hopin also recently acquired mobile app development firm Topi, as it continues to invest in mobile platform technology as well.

Founded in 2019, the company looks beyond video and mobile infrastructure, aiming to provide a hybrid model “for a hybrid world — in which more and more events, experiences and exchanges will have both in-person and online dimensions,” said Boufarhat in a company blog post. “Looking forward, our vision is to create a world of better shared experiences, in which people can meet, connect and form communities, unhindered by physical or geographic limits,” he wrote.

The $1.5 trillion business events industry has suffered a direct and sizable hit from the pandemic, and has been forced to adapt to digital experiences. The trend has vastly accelerated growth for Hopin, which now hosts over 85,000 event creators on its platform, including American Express, YMCA and Poshmark, and counts millions of event attendees every month, according to the release.

Starting from six employees at the beginning of 2020, London-based Hopin now counts over 400 employees in over 42 countries. The company also announced the addition of Anthony Kennada as chief marketing officer, Sarah Manning as vice president of people and Jonathan Killeen as head of remote. Sriram Krishnan, general partner at Andreessen Horowitz, will join Hopin’s board of directors.

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NEW PYMNTS DATA: HOLIDAY SHOPPING RETROSPECTIVE STUDY – FEBRUARY 2021

About The Study: The Holiday Shopping Retrospective Study: Merchant Insights For 2021 And Beyond, a PYMNTS and PayPal collaboration, examines consumers’ shopping practices and preferences during the 2020 holiday season and what these mean for merchants now and for holiday seasons to come. The report is based on a census-balanced survey of 2,070 U.S. consumers.

Read more at www.pymnts.com

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