Bizzabo, the US-Israeli all-in-one event success platform has raised $138 million in Series E Funding, the company announced on Wednesday.
The investment was led by US venture capital firm Insight Partners, with participation from previous investors Viola Growth, Next47, and OurCrowd.
Bizzabo said in the announcement it will use the investment to keep up with the global demand for it’s platform and expand its capabilities as COVID-19 reshapes the future of the professional events industry.
Bizzabo sets a new precedent for the largest private investment in an event technology platform with this round.
Founded in 2010, Bizzabo’s event success platform empowers organizations to manage, measure, and grow professional events across the globe and in any format — virtual, in-person, or hybrid.
With in-person events nonexistant or on the backburner, organizations have turned to virtual conferences and trade shows to connect with customers and grow their business. Virtual events have enabled organizers to safely reach a wide audience, ensure event ROI, and deliver valuable data points to shape future strategies.
Even with a COVID-19 vaccine imminent, virtual events aren’t going away anytime soon, a statement from Bizzabo said. Events that combine in-person experiences with digital components will become the new normal.
“The future of professional events isn’t virtual-only,” said Eran Ben-Shushan, CEO & co-founder of Bizzabo. “Our data shows very clearly that while virtual events have major benefits, attendees and businesses want to get back to live events. To stay relevant, marketers and event organizers will need to implement a hybrid strategy that blends together the best parts of virtual and in-person experiences.”
Nevertheless, COVID-19 has permanently transformed the professional events category, said Matt Gatto, a managing director at Insight Partners, who will also join Bizzabo’s board of directors.
“Bizzabo’s impressive growth and momentum began pre-pandemic and accelerated during it as they launched the industry’s first end-to-end event technology solution. Their pedigree in both in-person and virtual events and their impressive execution capabilities have them well-positioned to lead this rapidly evolving space. We are excited to partner with their leadership team and to support them in this new phase of growth,” he added.