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Thursday, January 20, 2022

Virtual Event Platform Hopin Raises $400M in Series C Round

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Fresh off a $125 million Series B round raised in November 2020, London-based virtual events platform Hopin has raised an additional $400 million in a Series C funding, the company announced. 

Hopin will use the capital to accelerate growth, including scaling its operations, team and platform to meet the needs of its expanding customer base and support its multi-product offerings, the company said. This includes continued investment in its platform technologies, such as video and mobile.

“We are creating a portfolio of products to build the future of live video collaboration and remote community,” said Hopin founder and CEO Johnny Boufarhat. “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. To enable this, we are investing in more video innovation, the core medium of digital collaboration.”

Hopin, founded in 2019, has grown from six employees to more than 400 since the beginning of 2020, and more than 85,000 organizations have used the platform, according to the company. Since its Series B round, Hopin claims to have added 30,000 customers, including Poshmark, Hewlett-Packard and American Express.

Most if its client base is in Europe, but with the announcement in late February that Marriott included Hopinamong the platforms with which the hotel company has partnered to offer new hybrid options for its meetings clients, Hopin’s reach will expand to the United States and Canada, according to the company.

In addition to the funding, the company announced that Sriram Krishnan, general partner at Andreessen Horowitz, will join Hopin’s board of directors. Further, it appointed three new members to its leadership team: Anthony Kennada as chief marketing officer, Sarah Manning as VP of people and Jonathan Killeen as head of remote.

The company acquired the event app Topi in December and live video-streaming studio startup StreamYard for $250 million in January, adding 3.6 million video content creators to its base, according to the company.

Hopin has raised $565 million to date, and this round values Hopin at $5.65 billion, more than double its November $2.1 billion valuation. This round was co-led by Andreessen Horowitz and General Catalyst, with participation from returning investors IVP, Coatue, Northzone, Tiger Global, DFJ Growth and Salesforce Ventures. 

RELATED: Virtual Event Solutions Keep Racking Up Funding Rounds

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