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Wednesday, 16 September 2020 10:29

Airmeet boosts funding with US$12 million capital raising

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Virtual event live session in progress Virtual event live session in progress

Global interactive and immersive virtual events platform provider Airmeet has boosted its coffers with a US$12 milion Series A capital raising.

New investor Sequoia Capital India led the funding round along with Redpoint Ventures, with participation from returning investors Accel India, Venture Highway and Global Founders Capital (GFC). Gokul Rajaram (Caviar Lead at Doordash) also participated in the round.

Launched in 2019 as a “remote-first” company, Airmeet says in a statement on Wednesday that with its Series A round, it has “ambitious plans to accelerate technology development, grow the team of 60 (across six countries) to 100, and expand its customer base globally.”

"Our mission is to make virtual events so effective and engaging that it should appear archaic to organize an on-ground event. We are already seeing an irreversible behavior change among event organizers and an exponential rise in, what we call, 'Digitally native events’,” said Lalit Mangal, co-founder, Airmeet.

"COVID-19 has accelerated a permanent behavioral shift across many industries. With digitization of largely traditional spaces leapfrogging by years, the $800+ Bn global offline events space is up for grabs. There is massive potential for players who drive the industry’s transition towards online-events”, said Abhishek Mohan, VP, Sequoia Capital India LLP.

“Airmeet’s mission is to create a global platform to enable millions of community managers and event organizers across the world to engage with and expand their audience. And with Lalit and team’s focus, execution and innovative thinking, they are strongly placed to achieve their goal.”

Airmeet says it has successfully powered virtual events for professional communities like Microsoft for Startups, the Linux Foundation, and major educational institutions like Florida International University”, and is claiming organic growth of nearly 2000% over the last quarter “through word of mouth and social media, gaining one new customer per hour” and by July 2020 had hosted 10,000+ events on its platform.

The company says that in the coming year, it aims to achieve the milestone of powering 1000+ events per day on its “highly scalable platform that expands beyond traditional virtual event formats by offering multiple new and innovative event templates”.

“Six months after COVID-19 moved brands and event programmers online, audiences and event organisers continue to crave new ways to expand their reach virtually. Airmeet rethinks how to deliver remarkable virtual experiences and by design has created a platform that is not restricted to hosting only traditionally large conferences – instead, Airmeet can power virtual events ranging from a professional meetup to a large film festival.”


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