Virtual became the norm for physical gatherings at the height of the Covid-19 pandemic, and now, as many jet back into in-person meetings, some believe that the online version, at least in some form, is here to stay — sometimes for the better, but sometimes for the worse. Today, a startup called Hubilo that’s building what it believes is a more engaging take on the medium, is announcing a big funding round to double down on its ambitions. The startup has raised $125 million that it will use to continue expanding its platform and the company.
Alkeon Capital led the round, with participation from Lightspeed Venture Partners and Balderton Capital. This Series B is a huge financial leap for Hubilo. Prior to this, the company — headquartered in San Francisco, but grown out of India — had raised just $28 million in six years (with $23.5 million of that raised in a Series A only seven months ago, also during the pandemic). It is not disclosing valuation.
Virtual events — be they large conferences, company meetings, one-on-one or small group conversations, or dinner parties and quiz nights — have been a huge business in this period of Covid-19, where they became a key way for people to connect when in-person meetings were impossible. In working world, they became a significant cornerstone for communication, with businesses sinking some one trillion dollars of direct spending on events, according to Guru Chahal, the partner at Lightspeed Venture Partners who invests in Hubilo. “These changes are permanent,” he added.
Videoconferencing brands like Zoom; those focused on virtual events like Hopin, TouchCast and Bizzabo; and those building tech to improve how videoconferencing can be used like Engageli and mmhmm all saw their stars rise. Even those you might not associate with virtual events but are aiming to do more in the space like LinkedIn are now getting in on the act.