Virtual events platform Hopin has announced another $400 million in funding. This takes its funding to $565 million to date with this round valuing Hopin at a staggering $5.65 billion.
The London-based company has been among the most closely watched in the events industry in the past year, from its prolific funding raises and its acquisitions of companies like Streamyard and mobile app Topi.
The latest Series C round of funding comes after raising $40 million in Series A funding in June 2020 and closing Series B with $125 million in November 2020.
This round of funding has been co-led by new investors Andreessen Horowitz and General Catalyst, along with returning investors IVP, Coatue, Northzone, Tiger Global, DFJ Growth, and Salesforce Ventures. In addition to the investment, Sriram Krishnan, general partner at Andreessen Horowitz, will join Hopin’s board of directors.
In the latest company blog post, founder and CEO Johnny Boufarhat described the $5.65 billion as “…a figure that brings with it high expectations, but also serves as a testament to the real results our incredible, fast-growing team has delivered for our customers over the last 12 months.”
We spoke with Hopin’s Founder and CEO Johnny Boufarhat back in November 2020, when he shared his thoughts on hybrid events and the future of events.
The company now boasts 82,000+ organizations hosting events on the platform, 30,000 more than in November 2020. As a result, Hopin reports a very impressive $70M in annual recurring revenue (ARR). With the recent strategic acquisitions of mobile app Topi and streaming platform StreamYard, there seems to be no stopping Hopin.
To ensure adequate management of this rapid growth and build an exciting company culture with its 411 employees all around, Hopin has brought on three new key members of the management team: Sarah Manning, VP of People; and Jonathan Killeen, Head of Remote, and Anthony Kennada, Chief Marketing Officer.
Hopin has undoubtedly become the poster child for virtual event technology success, especially among investors. Marriott International is also working with Hopin, as well as fellow event technology leaders Encore, Cvent, Convene and MeetingPlay, to power its Hybrid Meeting Solutions.
We are curious to learn more about future investments in video innovation to support the company’s bold vision for the future of virtual and hybrid events. This impressive funding round will certainly accelerate growth and should allow Hopin to meet the demands of its expanding customer base and support its multi-product business. These are exciting times for Hopin and for everyone involved in creating virtual and hybrid events.