Israeli events platform Bizzabo is trying to raise another $35 million for further development of the company. But according to a report in Calcalist, this is not such good news for the company as the raise will leave it with a much lower valuation than it had after a Series E round of fundraising held in 2020. Bizzabo’s new valuation is expected to be about $200 million.
That figure is actually less than the total amount that Bizzabo will have raised in investments when taking into consideration the new funds. Bizzabo raised $138 million in Series E funding round in December 2020. That financing round was led by Insight Partners, with participation from previous investors Viola Growth, Next47, and OurCrowd.
In June of 2021, Bizzabo acquired the American startup X.ai. X.ai developed a platform that automates meetings for people located across different time zones. It sends follow-ups and reminders, manages cancellations and sets new times. But the good times are no longer here.
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The news comes just a few weeks after Bizzabo revealed that it was axing 120 of its 400 employees – or 30% of the company. As such, it joins a number of Startup Nation firms that have also been forced to make cutbacks.
At that time Bizzabo’s CEO commented, “This is one of the most challenging moments we have faced since the founding of the company. It was a difficult decision, but it is the right decision for Bizzabo’s employees, clients, and shareholders.”
Founded in 2010 by CEO Eran Ben-Shushan, Alon Alroy, and Boaz Katz, Beizzabo’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.
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.