Event Networking Startup Company, Grip, Raises $13 Million

By McKenzie Carpenter Thursday, February 25, 2021

If one thing is for sure, the COVID-19 pandemic has affected the way people interact. By adhering to government restrictions and social distancing, people have avoided in-person contact. As a result, an industry that has been hit particularly hard due to these restrictions is the live event industry, including corporate networking events, weddings, concerts, and others. Grip, an event networking startup business and AI app, has overcome these in-person challenges and raised $13 million to expand the global scale of their app.

Global communications network shown with video conferencing.

What Is Grip?

Grip is an event networking startup company and AI-powered app used by event organizers to create the best virtual and in-person events. The AI software allows organizers to create virtual, hybrid, or live events that increase ROI and profitability. The startup business uses AI technology to suggest to people which event attendees should interact with.

The startup company has organized events through its app for organizations and businesses like Amazon, Reed Exhibitions, the American Society for Microbiology, and many more. In addition, the business states that the AI app uses 20 million data points to match users with the most relevant people. Furthermore, the startup company claims that 70% of scheduled meetings on the AI app originate from a recommendation.

The startup business has even received some award recognition for its AI technology. For example, the app won the UFI Technology Award in 2017. Additionally, it was named Event Tech of the Year by IMEX America, nominated for six Event Technology awards, and was a Tech Watch Finalist in 2016 by IBTM.

All of this success has helped the business to raise $13 million in a recent Series A funding round.

Grip Lands $13 Million in Funding

The COVID-19 pandemic has forced many events to turn to a digital experience, whether through Zoom, Skype, FaceTime, or other live video interaction platforms. However, this company has been able to transition to an omnichannel app where events can be virtual, live, or hybrid.

In a recent Series A funding round, the business was able to raise $13 million led by London-based Kennet Partners. Founder and CEO of the startup company said in an interview to TechCrunch, “Our mission is to empower organizers to bring professionals together to advance industries. This funding round is going to enable us to take the experience to a new level, leveraging our extensive industry-leading platform, offering unique value for Virtual, Hybrid and In-Person events.”

Despite COVID-19 shutdowns, the startup still hosted over 100 virtual events a month and was used by 1.5 million people. Grip is part of a growing industry that is expected to reach $269.2 billion between 2021 and 2025 — a CAGR of 33%. With no clear end to the pandemic in sight, the company will be able to host many more events and contribute to the success of the virtual event industry.

Grip will use the funding from this round to invest heavily in product development and research how to expand the app globally.

About the Author

Headshot of McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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