Funds raised will be used for international expansion, for research and development, and scaling Airmeet's Google Tag Manager function.
Event-led engagement platform Airmeet has bagged $35 million in Series B funding led by Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures, and Nexxus Global. Sequoia Capital India and Accel India also pitched in the funding round.
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According the company, funds raised will be used for international expansion. The company also plans to invest heavily in research and development and scaling its Google Tag Manager function.
The startup will also be focusing on strategic activities that will bring more visibility to the brand and its offerings in the international market, it added.
Since the onset of the Covid-19 pandemic, events, gatherings, and get-togethers all went virtual.
The global market for virtual events has become a $110-billion opportunity aided by the new realities of work, networking, and marketing, as per the firm.
Capitalising on the opportunity, Airmeet scaled its recurring revenue 24X since Series A investment and is growing at 30 percent month on month. It claims to have enabled more than 120,000+ event organisers to stream 150 million minutes of video airtime globally.
"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," Abhishek Mohan, Principal, Sequoia India.
"We've been a partner to Airmeet for 18+ months now. We are impressed with the team's product focus, relentless execution, and the immense customer love for the product," Mohan said.
Founded in 2019, Airmeet helps businesses, associations, educational institutions, SMEs, communities, and government organisations establish touchpoints with their global audience through event experiences.
The company's key customers include Flipkart, ViacomCBS, University College London, Minnesota State University, Fifth Element Group, and Unifrog Education.
"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.
(Edited by : Amrita Das)
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