It is an understatement to say that offline events, conferences, seminars, workshops, etc. are an industry that has been disrupted by the 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 event platforms, one of the most notable from India is “Airmeet”. And the company became the first major startup in this category to receive serious capital backing. Airmeet has announced the raising of a new $35m Series B round, with top backers behind it. These include Prosus Ventures, Sequoia Capital India, Sistema Asia Fund, RingCentral Ventures, among others.
Over the past two years, Airmeet claims to have worked with over 120,000 event organizers, who have collectively streamed 150 million minutes of event video airtime globally on Airmeet. Organic reach and community support have helped the company scale its ARR 24x since Series A offering and it now claims to grow 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 grow our product offerings, customers and team globally. We’re well on our way to integrating Airmeet into your go-to audience engagement platform to help businesses, agencies, and nonprofits create immersive events and webinars for brand, content, and pipeline acceleration.
The scale that Airmeet has been able to deliver, as a dedicated virtual event platform, is impressive. The platform supports the ability for events to scale up to 100,000 attendees and host multi-format events such as webinars, hybrid conferences, trade shows, workshops. While many others in the industry have focused on a hybrid platform – virtual events + meetings, Airmeet’s focus on events may have helped it do better.
In terms of capital deployment, the company will channel the additional funds towards expanding its global market footprints, investing heavily in product R&D and expanding its GTM function.