Hopin, a business that offers online event software, declared this morning that it had completed a $125 million Series B round of funding. Just a few months ago, Hopin secured $40 million in a Series A round of funding.
The fresh funding was obtained at a $2.125 billion value, according to Hopin CEO Johnny Boufarhat, making the company a double unicorn. The financing was led by IVP, a previous investor, and new investor Tiger Global. Several additional investors, including Northzone, Salesforce Ventures, Seedcamp, Accel, DFJ Growth, and Coatue, participated in the round.
It is not surprising that the business raised more money considering that Hopin has announced a third round for 2020. The cancellation of travel and live events all around the world by COVID-19 gave its virtual events technology a boost. Suddenly, holding conferences online according to Hopin’s plan was the only option. (TechCrunch is a customer of Hopin; this had no influence on our decision to report this financing event, but we felt it was important to note.)
When Hopin raised its Series A round, TechCrunch stated that its growth accelerated as 2020 went on.
According to Hopin, the number of “monthly attendees of events” on its platform increased from 16,000 in March to 175,000 in June when the business published the results of its last fundraising round. Now, as stated by the business, its software is used by more than 50,000 organisations that hold events and has more than 3.5 million users.
Hopin has grand ideas. The firm plans to continue recruiting quickly as it doubles down on investing in its product after increasing its annual recurring revenue (ARR) from $0 to $20 million in only nine months. According to Boufarhat, whose firm now employs approximately 50% developers, more than half of its employees will be technical talent.
Hopin is among the best-performing startups because to its increasing sales and value. To watch this firm. Hopin also desires to continue scaling. The firm anticipates reaching 800 employees in 2021 after expanding from one person to 215 in a little over a year.
Boufarhat wants Hopin to develop into a platform where other technologies may interact with the firm in the future. According to him, this may be how Hopin uses VR equipment from outside sources. Additionally, the business is expanding the capabilities of its initial events platform. For example, a new website called “Hopin Explore” will let normal people sort events by speaker, subject, and other factors. Hopin Events may increase interest in the events the firm sponsors, making its service more desirable than that of rival businesses. For its current ARR, Hopin is priced a bit high. But if the firm can maintain its tremendous development, it may reach its valuation really rapidly. especially if it can maintain profitability at a reasonable scale. Let’s see how far Hopin can advance in the next quarter or two and if we can convince the firm to provide us with another ARR number in the first quarter of 2021.