Twine Raises $3.3M for Virtual Event Networking

Twine Secures $3.3 Million Seed Funding for Virtual Event Networking

Twine, initially a video chat platform designed for meeting new people, has successfully pivoted its strategy. The company now concentrates on enhancing online events and has secured $3.3 million in seed funding as a result.

Key Customers and Revenue Projections

Twine’s customer base already includes prominent organizations such as Microsoft, Amazon, and Forrester. The company anticipates achieving $1 million in bookings during 2021.

Investment Details

Moment Ventures spearheaded the new funding round. Additional participation came from Coelius Capital, AltaIR Capital, Mentors Fund, Rosecliff Ventures, AltaClub, and Bloom Venture Partners. Clint Chao, a founding partner at Moment, will be joining Twine’s board of directors.

From Social Chat to Event Networking

The shift towards online events is logical, considering the backgrounds of Twine’s founders – Lawrence Coburn, Diana Rau, and Taylor McLoughlin. They previously worked at DoubleDutch, a mobile events technology provider acquired by Cvent in 2019.

Coburn, formerly CEO of DoubleDutch, was subject to a non-compete agreement with the acquirer until December 2020, influencing the timing of his return to the events sector.

Initial Traction and a Pivotal Change

The original concept centered on facilitating social connections during COVID-19 lockdowns. While 10% of early users expressed willingness to pay, many felt apprehensive about connecting with strangers online.

Consequently, Twine redirected its focus to the events space, capitalizing on the surge in online event popularity driven by the pandemic. Existing platforms offered livestreaming and chat features, but lacked the spontaneous networking opportunities of in-person events.

Replicating Serendipitous Interactions

“The most challenging aspect of virtual events was recreating the networking and serendipity – the informal conversations that occurred in lobbies, elevators, or at bars,” explains Coburn. “We began testing a group space version of Twine, integrating it with existing communities rather than attempting to build a new one. This approach proved significantly more successful.”

Twine’s Event-Focused Platform

By January 2021, the revamped events-focused version of Twine was operational. It provides professional networking tools for event organizers. Unlike traditional broadcasts, Twine facilitates intimate conversations among small groups.

Coburn emphasizes that groups exceeding five participants tend to resemble webinars. Twine’s video chat experience is designed for a limited number of attendees – fellow event participants, not random strangers – fostering professional conduct and productive discussions.

Pricing and Integration

Event organizers can utilize Twine’s platform for free for smaller events with up to 30 users. Scaling beyond this requires a license. Twine employs a software-as-a-service model, charging on a per-attendee basis.

Customers can seamlessly embed Twine directly into their websites or utilize a link that opens the Twine platform in a new browser tab.

Corporate Adoption and Growth

Twine has gained traction with large corporate event programs, currently serving around 25 customers. Several of these clients have already leveraged Twine for 10 to 15 events after initial testing.

“We are currently collaborating with five or six of the world’s largest companies,” Coburn stated.

Additional Features and Benefits

The digital nature of Twine’s matching system enables features like digital “business card” exchanges, along with analytics and reports for both event hosts and attendees.

The Future of Events: Hybrid Models

Despite the gradual return to in-person events, Twine believes online events have a lasting future. Organizations are likely to adopt hybrid approaches, combining both virtual and physical components.

“The events industry experienced an unprecedented 15 months,” Coburn observes. “Companies saw their revenue plummet to zero, some from hundreds of millions of dollars. This triggered a digital transformation unlike any other.”

A New Era of Event Technology

Coburn notes that tens of thousands of event planners have become proficient in technology and online events. They have recognized the potential of virtual events, which can sometimes attract four to five times the attendance of in-person gatherings.

“This explains LinkedIn’s $50 million investment in Hopin and the funding rounds for Hopin, Bizzabo, Hubilo, and others. It’s akin to the taxi market before Uber,” he adds.

Looking Ahead: Asynchronous Matchmaking

While virtual events may prioritize social features less when in-person options are available, Twine is exploring future innovations. Asynchronous matchmaking, which isn’t limited by real-time availability, could lead to more effective connections.

Continued Expansion and Investment

With the new funding, Twine is expanding its sales and customer success teams, enhancing accessibility, and further developing its platform. To date, the company has raised a total of $4.7 million.