The startup will use the fresh capital to enhance its growth by developing new business functions, advance innovation of its platform, strengthen its product, engineering, and design teams in India, and go-to-market teams in the US, the UK, Europe, Middle East and Africa (EMEA) and Asia Pacific.
It also plans to set up new sales offices in key regions to expand its operations and reach a greater volume of customers. In addition, it will increase the overall employee count by 150% to support its rapid growth plans.
Hubilo CEO and cofounder Vaibhav Jain said the investment—one of the largest in the event technology category—signals the revolution in ways by which people connect, engage, share experiences, and create opportunities at a time when uncertainty about Covid-19 and its variants have resulted in cancelled events and delayed a return to traditional office environments.
“We will be expanding our sales, partnerships, and business development divisions and setting up a complete Research and Development division that will conduct a series of experiments to ensure that Hubilo is building a completely future-proofed platform,” Jain told PTI.
The company was a nominee in the
‘Covid-led Business Transformation’ category of ET Startup Awards 2021.
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Launched in 2015 as a cloud-based offline event management platform, Hubilo pivoted to a virtual event platform in February last year, after the offline event industry came to a grinding halt due to the Covid-19 pandemic. The company reworked its technology in 26 days and designed an event platform.
“We believe strongly in the global distributed workforce being a megatrend that will impact all of us in the future. It is clear that the way we collaborate and connect will need to be re-architected in order for any global player to succeed,” Abhi Arun, Managing Partner at Alkeon Capital, said.
Guru Chahal, Partner at Lightspeed Venture Partners, said businesses spend over one trillion dollars of direct spending on events.
“In the last couple of years, 15-20 per cent of the enterprise events budget has permanently moved to digital events…I expect in the next few years that Hubilo will be broadly acknowledged as a market leader in the space,” Chahal added.
In February, Hubilo
raised $3.5 million in Series A funding led by Lightspeed Venture Partners and Balderton Capital.
With inputs from PTI
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