Israeli events platform Bizzabo has raised $138 million in Series E funding. The financing round was led by Insight Partners, with participation from previous investors Viola Growth, Next47, and OurCrowd. No more details are provided.
According to Globes, some of the money will be used to buy shares from founders and employees.
Founded in 2012 by CEO Eran Ben-Shushan, Alon Alroy, and Boaz Katz, Beizzabo has raised over $190 million to date, according to Crunchbase. The three founders have met in the Zell Entrepreneurship Program at IDC, Herzliya.
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Bizzabo’s platform for conferences helps organizers create events that take place online and offline. It also helps organizers understand how the conference is working for them in terms of Return on Event.
Coronavirus outbreak forced Bizaboo to move events from physical venues to the online conference because “even with a COVID-19 vaccine imminent, virtual events aren’t going away anytime soon,” the company said in the announcement.
According to the company, revenue has grown more than 100% over the past year. The number of events organized has grown 65%, and the number of people registering to participate in their events has grown about 500%.
CEO Alroy said, “We were in a positive momentum even before the virus. We had very major growth. We are used to rollercoasters but in March it was a substantial fall for the rollercoaster. There was concern that an entire industry was going to be wiped out. Within a week, all the events of our customers were cancelled, contracts were cancelled and it was clear that we needed to reinvent ourselves.”
With the new funds, the company will add to its offices in New York, Tel Aviv, and Kyiv, two new locations in Europe in the first half of 2021.
Bizzabo is also planning to hire over a hundred new employees, including engineers.
Another European company Hopin who has done the same, has raised $125 million last month from Scotland’s HeySummit.
