London-based virtual events platform Hopin has raised an additional US$400 million in a Series C funding following a US$125 million Series B round raised in November.
Hopin has raised US$565 million to date, and this round values the company at US$5.65 billion.
Hopin will use the capital to accelerate growth to meet the needs of its expanding customer base and support its multi-product offerings.
“We are creating a portfolio of products to build the future of live video collaboration and remote community,” said Hopin founder and CEO Johnny Boufarhat.
“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. To enable this, we are investing in more video innovation, the core medium of digital collaboration.”
Founded in 2019, Hopin experienced incredible growth over the last 12 months, expanding from six employees to more than 400 since the beginning of 2020.
To date, the company’s customers are mainly European, but the recent announcement that Marriott included Hopin among the platforms with which the hotel company has partnered to offer new hybrid options for its meetings clients, will expand the company’s reach to the United States and Canada.
Speaking to CNBC, Boufarhat said the trend for hybrid events had been fuelled by the pandemic but was here to stay.
“Most people will agree that you don’t need to travel two hours just to attend a meeting nowadays, and it’s the same thing with events,” he said.
“It’s an industry that will continue growing. We’ve just accelerated it.”