Proceeds to Be Used to Scale Innovation for Hybrid Experiences
The latest fundraiser follows $125 million raised in the Series B funding in November 2020. In February last year, the startup raised $5 million in a Seed Round, which was then followed by another round in June that resulted in $40 million of fresh capital raised. Overall, the company has raised $565 million, and it has a post-money business valuation of $5.65 billion.
The latest business funding round was led by new investors Andreessen Horowitz and General Catalyst. The event startup will use the funds to expedite growth and support its multi-product business.
“We are creating a portfolio of products to build the future of live video collaboration and remote community. 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,” Johnny Boufarhat, CEO and founder of Hopin, said in a statement.
The startup business will ramp up investments in video innovation, which is described as “the core medium of digital collaboration.” Boufarhat told CNBC that his startup company is expanding into “a multi-product company,” with a focus on increasing accessibility around the workplace.
“Hopin’s leadership team brings together business, event and software expertise that puts them in a unique position to dramatically transform the way we connect and interact with each other through events. We believe that Hopin is the leader in this space and couldn’t be more excited to partner with the team on their bold vision,” said Sriram Krishnan, general partner at Andreessen Horowitz, who will join the startup’s board of directors.
The business reported about 30,000 new customers, including Poshmark, American Express, Hewlett Packard, The Financial Times, and YMCA. The startup announced last week it agreed to a partnership with Marriott that will see the hotel chain operator use the company’s hybrid meeting solutions across their portfolio of hotels in the United States (US) and Canada.
In December last year, Hopin agreed to buy Topi, the event tech company. Just a month later, the event startup spent $250 million to acquire video streaming company StreamYard and add its 3.6 million video content creators to Hopin’s base.
Hopin has raised a further $400 million in the Series C funding round led by new investors Andreessen Horowitz and General Catalyst.
About the Author
As an analyst of global affairs, Adriaan has an MSC from Oxford, with diverse interests in the digital economy, entertainment, and business. He is a specialist trainer in Advanced Analytics & Media.