Grip Raises $13M to Revolutionize Virtual Event Networking

The Evolution of Grip: From Physical to Omnichannel Networking

As in-person events transitioned to online formats due to the pandemic, networking startups were compelled to adapt rapidly. Grip, initially recognized as a networking application for physical conferences – including TechCrunch Disrupt – successfully pivoted its strategy. Since the previous year, the company has focused on delivering an “omnichannel” experience, integrating diverse event formats encompassing virtual, hybrid, and live interactions.

Securing Series A Funding

This strategic shift has proven fruitful, culminating in a $13 million Series A funding round, bringing the total funding raised to $14.5 million. The investment was spearheaded by Kennet Partners, a London-based growth equity fund.

This funding reflects the surge in online events, mirroring the success of other startups like Hopin, which secured a $40 million Series A round last year. Established in 2016, Grip currently serves prominent event organizers such as Reed Exhibitions and Messe Frankfurt.

CEO's Vision and Future Plans

Tim Groot, CEO and founder of Grip, stated: “Our core mission is to facilitate connections between professionals, thereby fostering industry advancement. This funding will empower us to elevate the event experience, leveraging our robust, industry-leading platform to deliver unique value across Virtual, Hybrid, and In-Person events.”

The company intends to allocate significant resources to product development and pursue global expansion initiatives.

Competitive Landscape

Grip’s competitors include companies like Brella, which has raised $1.5 million, and Swapcard, with $6 million in funding to date.

However, Grip appears to have distinguished itself within this competitive field.

A Unique Approach to Integration

According to Groot, “We adopted a distinct approach by developing a plug-and-play system compatible with other platforms. Consequently, Grip functions as an independent virtual event platform for numerous organizers.

For example, they might utilize Hopin for the main conference while employing Grip specifically for networking purposes. This integration strategy may have contributed to our increased traction throughout 2020.”

Growth and User Engagement

Following the transition to virtual events in 2020, Grip facilitated over 100 events monthly, reaching 1.5 million participants. This resulted in a nearly fourfold increase in revenue for the company during that year.

This year, Grip anticipates hosting over 10,000 events on its platform, engaging more than 5 million attendees.

AI-Powered Matchmaking and Analytics

Grip’s AI-driven algorithms provide attendees with personalized matchmaking suggestions based on their interests, including pre-event meeting scheduling. The software also captures valuable business leads for exhibitors and delivers comprehensive post-event analytics.

The platform supports group conversations through the addition of participants to meetings and is currently developing a “speed networking” feature for quick, three-minute discussions centered around specific topics.

Platform Compatibility

Unlike “full-service” platforms like Hopin or Bizzabo, Grip integrates seamlessly with various streaming platforms, including Vimeo, YouTube, Zoom, and BlueJeans.

Investor Confidence

Hillel Zidel, partner at Kennet and a member of the Grip board, commented: “Grip’s capacity to organize virtual events with a strong emphasis on networking has driven substantial growth over the past year. Event organizers and their clients have maintained connections with their customers despite the limitations on in-person gatherings.

As live events resume, Grip is exceptionally well-positioned to continue supporting event organizers with software solutions for live, virtual, and hybrid events.”

Founders Factory's Early Support

Brent Hoberman, co-founder of Founders Factory and an early investor, explained: “Grip originated from a need we identified while organizing events at Founders Forum – the desire to leverage intelligent technology to facilitate the most relevant and valuable connections among our attendees.”