Airmeet Bags $35M In Series B Funding From Prosus, Sistema and Others
Funds raised will go towards expanding its footprints in the global marketplace, with plans to invest heavily in R&D, and scaling its GTM function. New investors Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures and Nexxus Global participated alongside existing investors Sequoia Capital India and Accel India in this round
Event-led engagement platform Airmeet, today announced that it has raised $35M USD in Series B funding. New investors Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures and Nexxus Global participated alongside existing investors Sequoia Capital India and Accel India in this round.
Last year Airmeet experienced tremendous organic word-of-mouth growth from its existing user community, scaled its recurring revenue 24X since Series A investment and is growing at 30% MoM, and enabled more than 120,000+ event organizers to stream 150 million minutes of video airtime globally. Key customers helping to lead organic growth include Flipkart, Fifth Element Group, BMF Media, Unifrog Education, NPower Inc, University College London, Rotman School of Management, Zircom (Shell Oil), Viacom CBS, Texas Tech University Health Sciences Center, Minnesota State University, Mankato, and First3Years.
Funds raised will go towards expanding its footprints in the global marketplace, with plans to invest heavily in R&D, and scaling its GTM function. The team will also be focusing on strategic activities that will bring more visibility to the brand and its offerings in the international market.
“Customer engagement has been fast evolving into a space that needs to go beyond the traditional channels. Brands have to start conversations and engage with customers without losing their human touch in the virtual space. Our mission has always been to focus on engagement and assist businesses with scaling their customer engagement through multiple interactive event formats,”said Lalit Mangal, CEO and Co-founder of Airmeet.
Ashutosh Sharma, Head of Investments, India, Prosus Ventures, said, “The pandemic has brought in a marked shift in the way we work, the way we interact with customers, employees, and other stakeholders. This shift has further accelerated the adoption of agile and virtual solutions to cater to business needs. We are excited to partner with Airmeet as they support the transformation and evolution of the enterprise SAAS marketing space and deliver an outstanding audience experience through a uniquely customer-centric approach.”
“The global market for virtual events has grown to become a $110B opportunity aided by the new realities of work, networking, and marketing. Airmeet with their acclaimed superior product delivering a near offline-equivalent conference experience is placed well to tap into this major paradigm shift in the global conferencing market.” - commented, Sumit Jain, Senior Partner at Sistema Asia Fund.
"This pandemic has shifted the way companies engage with various stakeholders (customers, employees, etc.) to digital given the efficiency and immersive experience associated with it. Airmeet is at the forefront of this transformation. We've been a partner to Airmeet for 18+ months now and are impressed with the team's product focus, relentless execution, and the immense customer love for the product. We look forward to many more years of compounding growth at Airmeet." - Abhishek Mohan, Principal, Sequoia India.
Offering two product formats - 'Conference' and 'Social Webinar', Airmeet enables businesses and organizations to break boundaries, build relationships and unlock new revenue streams. With the ability to scale up to 100,000 participants, support multi-format events such as webinars, hybrid conferences, trade shows & workshops, Airmeet is building an all-year-round engagement suite that will extend into virtual reality and metaverse to deliver a highly immersive experience.
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