In the past year, event platforms have innovated at breakneck speeds to serve the changing needs of customers as a result of COVID-19. At Insight, we have witnessed immense ingenuity and creativity from entrepreneurs and founders focused on improving our ability to stay connected through virtual events. After months of exploring what makes a long-term leader in this rapidly evolving market, we are excited to be leading Bizzabo’s $138M Series E.
Insight’s thesis around the importance of face-to-face gatherings is nearly a decade strong. We first made a bet in the space with our 2011 investment in Cvent, which has become a leader in event management software. Through our involvement with Cvent, we validated that the events market is both massive and ripe for innovation, and winning players differentiate by providing a seamless experience for attendees and organizers.
In light of COVID-19, these demands are rapidly moving into virtual contexts. Meaningful remote connections with prospective buyers, key clients, and team members are now, more than ever, paramount to enterprise strategy. With the strength of its team, vision, and product, Bizzabo certainly succeeded in facing a once-in-a-lifetime challenge to deliver amidst the unparalleled market conditions.
Insight, however, is excited about partnering with Bizzabo for reasons beyond an industry-wide, COVID-19-driven uptick in demand. Specifically, we hold the fundamental belief that the future of events will be hybrid, requiring a team that has the history of serving physical events and the product vision that satisfies the ever-changing needs in a virtual environment. It is with this unique DNA to serve hybrid events that we believe Bizzabo is well positioned for long-term market leadership.
Insight first met the Bizzabo team in 2012 when they had 7 employees. Eran, Boaz, and Alon had a grand vision for the future of event technology, but it was certainly still the early days. Over the course of many years and continued relationship building, it was clear that the team was on their way towards creating an all-in-one, enterprise-grade platform that prioritized seamless and intuitive experiences for attendees and organizers alike. In other words, well before the events of recent months, the Bizzabo team was already building toward a leading hybrid experience that customers loved.
Since the advent of COVID-19, Bizzabo has been rapidly developing product. On top of its core holistic all-in-one event platform, Bizzabo has built a fully embedded, virtual solution to empower seamless virtual events. Throughout all of its product-building, the Bizzabo team has keenly listened to customer needs while still pushing the boundaries of what a virtual event can be. With this, existing and new customers have enthusiastically embraced the Bizzabo platform in fully virtual contexts.
While fully virtual may be the events model of the foreseeable future, customers across industries have already expressed a desire to move to a hybrid model, a mix of virtual and in-person. With this sentiment in mind, Bizzabo is already building out the functionality needed to emerge as a leader in the post-COVID world of hybrid events.
Insight has been in awe of the team’s capacity to innovate and execute during times when their market is experiencing tectonic shifts. We believe Bizzabo will continue to thrive as a category leader and we are so excited to support them along the next leg of their ScaleUp journey.