Hubilo Raises $125M to Enhance Virtual & Live Event Platform

The Evolution of Virtual Events and Hubilo's Rise

As physical gatherings transitioned to virtual formats during the Covid-19 pandemic, a shift occurred. Now, with a return to in-person meetings, many anticipate that online event solutions will endure – sometimes enhancing experiences, and at other times presenting new challenges. Hubilo, a startup focused on creating more engaging virtual event platforms, has recently secured significant funding to expand its capabilities.

Securing a $125 Million Funding Round

Hubilo has announced a $125 million funding round, intended to fuel platform expansion and company growth.

Alkeon Capital spearheaded the investment, with participation from Lightspeed Venture Partners and Balderton Capital. This Series B represents substantial financial progress for Hubilo.

Prior to this, the company, initially founded in India and now headquartered in San Francisco, had only raised $28 million over six years, including $23.5 million in a Series A round just seven months prior.

The company is currently not disclosing its valuation.

The Surge in Virtual Event Demand

Virtual events – encompassing conferences, meetings, and social gatherings – experienced a surge in popularity during the pandemic, becoming essential for maintaining connections when in-person interactions were impossible.

The business world recognized virtual events as a vital communication tool, with approximately one trillion dollars spent on events, according to Lightspeed Venture Partners partner Guru Chahal. He believes these changes are lasting.

A Competitive Landscape

Companies like Zoom, Hopin, TouchCast, and Bizzabo, specializing in videoconferencing and virtual events, saw increased prominence. Furthermore, platforms like Engageli and mmhmm, focused on improving videoconferencing functionality, also gained traction. Even LinkedIn is now actively expanding its presence in the virtual event space.

Hubilo's Growing Clientele

Hubilo has established itself as a key player, serving over 800 customers, including prominent organizations such as Walmart, Blackboard, the United Nations, Roche Pharma, AB InBev, Verizon, Facebook, and TikTok.

These communications giants and social media leaders are utilizing Hubilo’s video platform to create unique and engaging virtual experiences.

Platform Capabilities: A Virtual Event Ecosystem

Hubilo specializes in assisting organizations with planning and executing both internal and external events.

The platform provides tools for designing customized event architectures, incorporating interactive features to enhance attendee engagement, and facilitating connections between participants.

It functions similarly to Wix or WordPress, offering a user-friendly interface for building and managing virtual events – a comparison made even more interesting by the fact that WordPress is also a Hubilo customer.

A Pivotal Transformation

The company underwent a significant transformation in early 2020, facing potential collapse as in-person events were canceled. Originally focused on engagement apps for physical events, Hubilo rapidly pivoted its strategy.

CEO and founder Vaibhav Jain challenged his team to devise a new direction within 26 days, prioritizing solutions that didn’t require substantial capital investment.

From Physical to Virtual Engagement

The result was the initial version of the current Hubilo platform. Limited resources and a tight deadline fostered resourcefulness, leveraging existing engagement tools designed for physical experiences to create a unique videoconferencing solution.

Jain emphasizes that Hubilo’s distinct features set it apart from competitors.

Key Features and Benefits

“We offer robust engagement features built on the cloud, incorporating gamification and analytics to provide insights into session viewership,” Jain explained. “We can provide certifications for specific session attendance, and exhibitors gain access to a mini-CRM for lead generation.”

Hubilo also integrates with major CRM systems like Marketo, Salesforce, and HubSpot, enhancing event management and interaction capabilities.

Embracing the Hybrid Future

As in-person events resume, Hubilo is expanding its features to support hybrid models, integrating learnings from its earlier work.

These new features include video streams of stages, communication tools for both in-person and virtual attendees, and integrated virtual and on-stage conference tracks.

Driving Innovation in Event Technology

Hubilo’s approach, providing organizers with dynamic control over the event experience, mirrors the technology that propelled the growth of the web. By empowering event organizers, Hubilo aims to foster innovation in the creation and utilization of virtual and hybrid events.

This strong customer base and innovative approach contributed to an oversubscribed funding round.

Investor Confidence

“We firmly believe that the global distributed workforce is a major trend that will shape the future,” stated Abhi Arun, Managing Partner at Alkeon Capital. “The way we collaborate and connect will require re-architecting for global success. Hubilo’s technology connects the offline and online worlds, and we have confidence in its CEO and market opportunity.”