23 November 2024, Sat |
2:33 AM
Hubilo the hybrid event platform has disclosed that a consortium lead by Alkeon Capital has raised US$125 million in its Series B fund raising round. The Series B funding is expected to fuel continued growth for Hubilo, both in its domestic market, India, and across the globe.
“The pandemic brought a series of shocks to organisations around the world, starting with lockdown restrictions and moving swiftly to ongoing industry impact in which organisations had to rethink the way they hire and train,” said Vaibhav Jain, CEO and founder at Hubilo.
He added, “The potential ahead of us with this Series B investment is massive, but if we’ve learned anything over the past six years, it is that an intuitive platform is just the beginning. Our key differentiator is our commitment to event organisers to provide a dedicated on site team to ensure flawless execution of every show and summit. This, more than anything, is what makes Hubilo the platform of choice for those that want their events to be free of technical hitches and hassles.”
“We believe strongly that the global distributed workforce will become a mega trend that will impact all of us,” said Abhi Arun, Managing Partner at Alkeon Capital.
He added, “It is clear that the way we collaborate and connect will need to be re-architected in order for any global player to succeed. In Hubilo, we saw a powerful technology capable of connecting the offline and online worlds, a strong CEO, and an amazing market opportunity that gave us the confidence to invest.”
Hubilo acquired a significant client base in Dubai few months ago in response to increased demand for its revolutionary virtual and hybrid events platform from UAE organisations. The company’s regional consumer base has more than doubled since its inception. Hubilo is currently working to expand its investment in the UAE by establishing a dedicated sales and support team, delivering content and support in Arabic, and partnering with UAE-based event management and AV production companies in order to better tap into government-sponsored enterprises and events.
Hubilo, which is quickly becoming a disruptor in the hybrid events and engagement space, received further money from Lightspeed Venture Partners and Balderton Capital in its Series B round, bringing the company’s total funding to US$153 million in just 18 months. The investment by Alkeon, Lightspeed, and Balderton is one of the largest in the event-technology category, and it reflects the changing landscape in a segment that allows people to connect, participate, share experiences, and create possibilities.
“Businesses directly spend more than US$1 trillion on events,” said Guru Chahal, Partner at Lightspeed Venture Partners.
He also commented, “In the past couple of years, 15 to 20% of the enterprise events budget has permanently moved to digital events. Hubilo is one of the fastest-growing and most innovative platforms serving this market. I expect, in the next few years, Hubilo will be broadly acknowledged as a market leader in the space.”
Hubilo is now looking forward to establishing new business operations and expanding its platform’s capabilities. It will strengthen its product, engineering, and design departments in India, while its go-to-market teams in the United States, the United Kingdom, Europe, and Asia Pacific look for new prospects. Hubilo also intends to open more sales offices in strategic locations in order to extend its operations and reach more consumers. It will also boost its personnel by 150 percent in order to meet rising customer demand for virtual and hybrid events.
Hubilo has focused on developing a technological platform that increases attendee engagement at in-person events since its inception in 2015. Hubilo modified its system for the new normal in 2020, when COVID-19 triggered massive disruption in practically every business. It became a major architect of large-scale communications in just 26 days. Blackboard, Walmart, the United Nations, Roche Pharma, and Maersk Shipping are just a few of the companies that have collaborated with the company. Yamaha Music Gulf, Exibex FZ LLE, National WIC Association, Trimble Solutions Middle East, and the Arab Thought Foundation are among its customers in the UAE.
While Hubilo began as an events technology platform, its offerings are far more than that. It has successfully supported 10,000 events in over 100 countries with over 2 million people.
