This morning, Hopin, the company delivering software for virtual events, announced the successful completion of a $125 million Series B funding round. This new investment follows closely on the heels of a $40 million Series A raise secured earlier this summer.

According to Hopin’s Chief Executive Officer, Johnny Boufarhat, this latest funding round values the company at $2.125 billion, officially establishing Hopin as a double unicorn. The round was spearheaded by IVP, an existing investor, and Tiger Global, a new participant. Additional investors contributing to the round include Northzone, Salesforce Ventures, Seedcamp, Accel, DFJ Growth, and Coatue.

The company securing further capital isn’t unexpected, as this marks the third funding announcement Hopin has made in 2020. The demand for its virtual event solutions increased significantly when the COVID-19 pandemic led to the widespread cancellation of travel and in-person gatherings. Consequently, Hopin’s concept of hosting events digitally became a vital alternative. (TechCrunch utilizes Hopin’s services, a detail we believe is relevant to disclose, though it did not influence our coverage of this funding news.)

The company experienced substantial growth throughout 2020, a trend previously reported by TechCrunch when Hopin announced its Series A funding.

Upon announcing its previous funding round, Hopin reported a growth in “monthly event attendees” from 16,000 in March to 175,000 in June. Currently, the company states it has surpassed 3.5 million users, with over 50,000 groups utilizing its software to host events.

Hopin has ambitious goals for the future. Having increased its annual recurring revenue (ARR) from $0 to $20 million within nine months, the company plans to accelerate its hiring efforts to further invest in product development. Boufarhat shared with TechCrunch that over half of new hires will be focused on technical roles, and the company’s workforce is presently composed of approximately 50% developers.

Hopin’s revenue and valuation trajectory place it among the highest-performing startups. It is a company worth monitoring, and Hopin intends to continue its expansion: after growing from a team of one to 215 employees in just over a year, the startup anticipates reaching 800 employees by 2021.

Boufarhat also indicated that Hopin is currently profitable—the company was approaching profitability when it secured its $6.5 million round in February—a noteworthy achievement for a company experiencing such rapid expansion.

Looking ahead, the question arises of how Hopin will fare once a COVID-19 vaccine becomes widely available. Boufarhat explained to TechCrunch that Hopin’s initial vision centered around hybrid events, integrating in-person experiences with online components. Therefore, Hopin does not foresee a vaccine posing an existential threat to its platform.

Boufarhat clarified that not all events are ideally suited for an online format. Events that are more intimate, personal, or “experiential,” as the CEO described them, are likely best held in person. However, the growth of Hopin is likely being driven by the corporate events sector, and these customers may embrace a hybrid event model as 2021 unfolds. Time will tell.

In the future, Boufarhat envisions Hopin evolving into a platform that integrates with other technologies. This could involve collaborations with third-party virtual reality solutions, he suggested. The company is also enhancing its core events platform, with the introduction of a new “Hopin Explore” website that will enable users to discover events based on speaker, topic, and other criteria. This new feature may help generate interest in events hosted on Hopin, making its services more appealing compared to competitors.

Hopin’s current valuation appears relatively high in relation to its current ARR. However, if the company maintains its rapid growth rate, it may quickly justify its valuation. This is particularly true if it can sustain near-profitability as it scales. We look forward to tracking Hopin’s progress over the next quarter or two, and potentially receiving another ARR update from the company in early 2021.