UK-based Hopin promised that virtual events are here to stay after closing significant funding. In a blog post, the company confirmed it had closed $125m in Series B funding led by IVP and Tiger Global, in addition to Coatue and DFJ Growth.
Previous investors Accel, Northzone, Salesforce Ventures and Seedcamp also returned in this latest round, bringing Hopin’s total funds raised since February to $171m. As reported by Reuters, this means the company has surged in value to $2bn, up from $42m a year ago.
Hopin founder and CEO Johnny Boufarhat said that it has added 3.5m users since February with plans to increase its staff count by 1,000 next year, bolstered by the new funding and $40m in Series A backing announced in June.
‘Moving at a record pace’
“During the first few months of the pandemic, there were some who questioned the long-term relevancy of virtual platforms,” he said.
“We don’t hear those arguments anymore. There is a broad recognition that large parts of the new virtual infrastructure are here to stay, and it’s because they offer something that can’t be replicated anywhere else.”
Since launch, the platform hosted events for over 50,000 organisations, from The Atlantic and WPP to NATO and the American Heart Association. By comparison, back in March, Siliconrepublic.com reported that the platform had hosted just over 200 events.
“We’ve brought in expert executives from places like Salesforce and Facebook and we’ve hired intensely entrepreneurial employees to take ownership of the product and its potential, all while prizing generosity and collaboration above all else,” Boufarhat wrote. “As a result, we are moving at a record pace, and we have no plans to ever slow down.”
The start-up also announced the beta launch of a new product called Hopin Explore, a virtual events marketplace where people can check out a list of virtual and hybrid events around the world.