- Hubilo, a virtual-events startup, raised $125 million in fresh funding.
- After pivoting during the pandemic, Hubilo now provides a platform for virtual and hybrid events.
- It competes with Hopin, the European events platform valued at $7.75 billion.
- See more stories on Insider’s business page.
Hubilo, an events firm that pivoted during the pandemic, raised its second funding round of 2021, bringing in $125 million from a new backer, Alkeon Capital.
The startup began as an events-management company focusing on in-person events but pivoted at the onset of the COVID-19 pandemic and developed a product for online events in 25 days. It runs virtual and hybrid events for corporate clients on its platform, offering virtual meeting rooms and breakout rooms for networking.
Hubilo bootstrapped its operations until it raised seed funding in October 2020. “We were not growing at the level we should have grown,” CEO Vaibhav Jain told Insider, adding that after receiving institutional funding it was able to hire and grow much faster.
“We’re now at a stage where we can command how this space can move forward and are the second-most-capitalized company in this industry after Hopin,” he added.
Founded in June 2019, Hopin, Hubilo’s fast-growing European rival, has raised over $1 billion in venture funding and has a $7.75 billion valuation.
Both firms will be banking on virtual and hybrid events becoming the new status quo.
Hubilo, which works with clients including the United Nations and Amazon Web Services, is headquartered in San Francisco, with offices in London and Bengaluru, India. Hubilo says it has been hiring aggressively in recent months and now has a headcount of about 300 people across its offices, up from about 30 last April.
“We believe strongly in the global distributed workforce being a megatrend that will impact all of us in the future,” Abhi Arun, a managing partner at Alkeon Capital, said.
The funding will go toward continued product development and tech improvements, Jain said. He anticipates that a shift to hybrid from purely virtual events will also benefit the startup, given its previous focus on in-person events.
Hubilo raised seed capital from investors in India before bringing in a $23.5 million Series A from London’s Balderton Capital and Lightspeed Venture Partners.