Virtual events platform Airmeet raises US$12m as online business booms

An all-in-one platform for event organisers to host interactive and virtual events has raised US$12 million ($16.5m) in Series A funding as online events boom during the coronavirus pandemic.

India-based Airmeet has recorded growth of around 2000 per cent over the last quarter, gaining one new customer per hour. In the first half of 2020 it had hosted more than 10,000 events on its platform.

In the coming year, the company aims to host more than 1000 events per day on its scalable platform.

Airmeet only launched in 2019 as a remote-first company but following the new funding plans to accelerate technology development, grow the team of 60 across six countries to 100, and expand its customer base globally.

“Our mission is to make virtual events so effective and engaging that it should appear archaic to organise an on-ground event,” said Lalit Mangal, co-founder of Airmeet.

“We are already seeing an irreversible behaviour change among event organisers and an exponential rise in, what we call, ‘Digitally native events’.”

Abhishek Mohan, VP at Sequoia Capital India, one of the investors, said Covid-19 “has accelerated a permanent behavioral shift across many industries”.

“With digitisation of largely traditional spaces leapfrogging by years, the more than US$800 billion global offline events space is up for grabs,” he said.

“There is massive potential for players who drive the industry’s transition towards online-events.”