Virtual Event Startup Company Hubilo Draws $23.5 Million from Investors in Series A

By James White Sunday, February 28, 2021

Though many industries suffered setbacks from the events of last year, others excelled as ecommerce companies and digital businesses rushed to keep up with the increase in demand for remote services and goods. Hubilo, a startup company originally intended to provide event management software services, was quick to pivot its business model amid the mass cancellations of events during the pandemic.

Now, Hubilo is finding success as a virtual event company with their platform during a time where telecommunications companies like Zoom and Microsoft’s Skype are needed. The startup company recently announced a $23.5 million Series A led by Lightspeed Venture Partners and Balderton Capital, with participation from Microsoft Chairman of the Board John Thompson, and former Contentful CMO Chris Schagen.

"Events are undergoing a massive secular shift in two ways; a dramatic increase in virtual events, and the rapid evolution of physical events to hybrid events, resulting in billions of dollars of marketing budgets getting reallocated to a new category of digital platforms,” says Guru Chahal, Partner at Lightspeed Venture Partners. “In our research, some of the most demanding customers worldwide made it clear that Hubilo was their trusted partner in both these categories, virtual and hybrid. We are delighted to lead Hubilo's Series A funding and use Lightspeed's global resources to support their exponential growth."

Woman talking during a virtual conference call.

More Than Just a Group Video Call

Hubilo’s startup business provides more than a screen filled with the faces of all video call attendees. Founded in 2020 by entrepreneurs Mayank Agarwal and Vaibhav Jain, the startup company offers many features that mimic the physical setting of a large event venue. The platform designed by the California-based business sports interactive sessions that support live Q&A, chat, and polls. But beyond the live session, Hubilo also allows for the creation of breakout and demo rooms with exclusive access, virtual booths for exhibitors, digital lounges for networking opportunities, and even game and contest integrations.

The startup business claims to have hosted over 2,500 virtual events and over 2 million attendees across more than 100 countries.

Now Is the Time to Be a Virtual Company

Hubilo managed to pivot its company right into a very lucrative market. Virtual businesses across a number of sectors have reported jumps in users and revenue. Zoom saw Q4 2020 revenues rise 78% year-over-year (YOY) to $188.3 million, while Amazon posted record-breaking Q4 net sales exceeding $100 billion.

Hubilo claims its business has been “growing its month over month revenue by over 50% consistently” since April 2020. Market research expects the global virtual events market size, valued at nearly $78 billion in 2019, to grow at a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027.

About the Author

Headshot of James White

James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.

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