Airmeet,a startup that gives a system to host virtual functions, mentioned on Tuesday it has raised $12 million in a new financing round as the Bangalore-headquartered firm demonstrates accelerating expansion in its user foundation.
Sequoia Capital Indialed the $twelve million Series A funding spherical in a person-calendar year-old Airmeet. Redpoint Ventures and current traders Accel India,Enterprise Highway, Global Founders Cash (GFC) and Gokul Rajaram (Caviar Lead at DoorDash) also participated in the spherical.
The new spherical values Airmeet at about $50 million, extra than double of what it was valued in March, when it raised $3 million, in accordance to a individual acquainted with the subject.
Airmeet allows end users and organizations to host interactive digital occasions. Its system intuitively replicates factors of a actual physical function, giving a backstage, grouping individuals to a desk, enabling contributors to network with every single other and even enabling event organizers to function with sponsors. Airmeet, at this time in community beta, is out there by means of a freemium design exactly where it rates enterprises dependent on their use.
In an job interview with TechCrunch, Lalit Mangal, co-founder of Airmeet, claimed the usage on the system has grown 2,000% above the last quarter without the need of any expenditure in ad, he stated.
In latest months, Airmeet has worked to increase the use cases of the platform. In addition to hosting significant conferences, Airmeet is now also becoming employed for expert meetups at massive movie festivals, he mentioned. Just lately it held college resource fairs and specialized industry summits.
“Covid-19 has accelerated a lasting behavioral shift throughout numerous industries. With digitization of mainly standard spaces leapfrogging by several years, the $800+ billion world offline functions room is up for grabs. There is huge likely for players who drive the industry’s changeover toward online-functions,” mentioned Abhishek Mohan, VP at Sequoia Capital India, in a assertion.
Airmeet is developed on prime of WebRTC, a common that most modern day browsers comply with. This has enabled Airmeet to be totally obtainable by way of Chrome and Firefox. All the classes are also finish-to-finish encrypted, mentioned Mangal. It does not have a cellular application. Mangal said men and women tend to use their laptop computer or desktop or their iPads for qualified gatherings. (Consumers can consume a session through their mobile browser, even so.)
The startup, which is in the similar room as Hopin and Andreessen Horowitz-backed Run The Globe, will use the clean funds to incorporate new capabilities to Airmeet and also scale globally, reported Mangal.
“Airmeet’s mission is to build a global platform to help thousands and thousands of local community professionals and party organizers throughout the world to interact with and increase their audience. And with Lalit and team’s emphasis, execution and modern imagining, they are strongly placed to accomplish their target,” reported Mohan.