Tevent, a technology platform for virtual events, has raised US$ 2 million (£ 1.5 Million) throughout its series of seed funding rounds to support its product development. The company secured significant financial backing from leading Silicon Valley investors, including Leslie Stretch CEO at Medallia, Co-Founder of MeshDynamics.io; Rory Cameron EVP at Medallia; Jimmy Duan CCO at Medallia; Shreesha Ramdas, Co-Founder of Strikedeck; and Nathalie Scardino SVP at Salesforce.
The company will use the investment to scale its platform to meet soaring demand and to double down on product development speed by focusing on serving particular use cases and more niche segments and developing a mobile app and a desktop app. The funding would also allow Tevent to continue to innovate with impressive features such as fun app integrations, multicast, APIs, and automation.
Rising inclination toward virtual events globally and the emergence of live streaming are factors driving the demand for virtual event software. Virtual events have gained popularity majorly since the outbreak of the COVID-19 pandemic. Spurred by lockdowns, organizations have resorted to conducting virtual events. It has also been noticed that 90% of companies still consider hosting virtual events despite permitted live events. In fact, according to Verified Market Research, the Global Virtual Event Platform Market size was valued at USD 9.03 Billion in 2020 and is projected to reach USD 22.75 Billion by 2028, growing at a CAGR of 12.24% from 2021 to 2028.
Ahmed Amer, Co-Founder and Chief Executive Officer (CEO) of Tevent, remarks, “We are on a mission to make connections engaging, accessible, and sustainable. Tevent gives you the tools to create engaging virtual events that facilitate meaningful interactions and lasting connections. We are working towards making remote a viable alternative and building a sociable, sustainable and connected future.”
Currently, Tevent is preparing for a Series A round to which the fund will be used to launch Tevent to the broader market as the company envisions increasing growth and marketing efforts in the United Kingdom, the United States, and further down the line across Europe.