Hopin, a fasting rising unicorn that provides online events software, released a statement today that it has secured a $125 million Series B round of capital, giving it a valuation of about $2 billion.
The new capital comes months after the fast-growing start-up raised $40 million in Series A funding early this year.
That the startup raised more money is not surprising to investors – even on the macro that this is its third round of funding in 2020, because its virtual events technology has attracted a significant amount of users, as COVID-19 pandemic cancelled events, travel, and seminars globally.
Sequel to these, the amount of Hopins’ “monthly attendees of events” on its website had expanded from 16,000 in March to 175,000 mid-year.
Hopin also disclosed it has more than 3.5 million clients and over 50,000 groups hosting events on its platform.
That said, the fast-growing company is hoping to expand its reach, After astronomically growing its revenue from $0 to $20 million within 9 months, the startup intends to continue hiring rapidly to improve its software.
Hopin’s revenue and valuation growth put it in the topmost tiers of startup performance. It’s a company to watch and wants to keep scaling – after growing from a single person to 215 in a year or so, the startup expects to reach 800 staffers in 2021.
However not every event translates online well, Boufarhat explained.
“The more intimate and personal an event, or “experiential” as the CEO said, the better probably in-person affair. But it’s likely the world of corporate events that are driving Hopin’s growth, and those customers may invest in a hybrid event future when 2021 shakes out. We’ll see”.
What you should know
According to Hopin CEO, Johnny Boufarhat, the new funds raised at a $2 billion valuation was facilitated by IVP, a prior investor; new investor, Tiger Global; and a host of other investors took part in the round including Salesforce Ventures, Seedcamp, Accel, Northzone, DFJ Growth, and Coatue.
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