Event-led engagement platform Airmeet announced raising $35m in Series B funding.
The platform’s new investors include Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures and Nexxus Global.
They participated alongside existing investors Sequoia Capital India and Accel India.
Airmeet experienced tremendous organic growth from its existing user community, scaled its recurring revenue 24X since Series A investment and is growing at 30% MoM, and enabled more than 120,000+ event organizers to stream 150m minutes of video airtime globally.
Key customers that are crucially helping to lead the organic growth include Flipkart, Fifth Element Group, BMF Media, Unifrog Education, NPower Inc, University College London, Rotman School of Management, Zircom (Shell Oil), Viacom CBS, Texas Tech University Health Sciences Center, Minnesota State University, Mankato, and First3Years.
The funds will go towards expanding its footprints in the global marketplace, with plans to invest heavily in Research & Development, and scaling its Google tag manager function.
The Airmeet team will also be focusing their efforts on the strategic activities that will bring more visibility to the brand and its offerings in the international market.
Airmeet appreciates the Series B funding
Lalit Mangal, the Co-Founder of Airmeet offered insights on this aspect.
“Customer engagement is evolving into a space that needs to go beyond traditional channels. Brands have to converse and engage with clients without losing their human touch.”
“To this end, our mission has always been to focus on engagement and assist businesses with scaling their customer engagement through multiple interactive event formats.”
Airmeet empowers businesses and communities to connect with their audience, engage in meaningful conversations, exchange feedback and build relationships through events.
Marketers, community managers, sales executives, and customer relationship teams leverage Airmeet’s 360-degree attendee engagement suite to dive deep into audience needs and dynamically update their customer engagement strategy with highly interactive touchpoints.
Offering two product formats – ‘Conference’ and ‘Social Webinar’, Airmeet enables businesses and organizations to break boundaries, build relationships and unlock new revenue streams.
Airmeet possesses the unique ability to scale up to 100,000 participants, support multi-format events such as webinars, hybrid conferences, trade shows, and workshops.
The company is focussed on building an all-year-round engagement suite that will extend into virtual reality and the metaverse to deliver a highly immersive experience.
Airmeet is constantly enjoying the immense support and favorable feedback from the user community, placing their NPS and G2 Crowd ratings among the industry’s best.
Airmeet investors’ comments on the Series B raise
Ashutosh Sharma, the Head of Investments in India at Prosus Ventures is buoyant.
“The global COVID-19 pandemic has brought in a marked shift in the way that we work, the approaches in interacting with customers, employees and other stakeholders.”
“This shift accelerated the adoption of agile and virtual solutions to cater to business needs.”
“We are therefore extremely excited to be partnering with Airmeet as they support the transformation and evolution of the enterprise SaaS marketing space and deliver an outstanding audience experience through a uniquely customer-centric approach.”
Sumit Jain, the Senior Partner at Sistema Asia Fund also shared his views.
“The global market for virtual events has exponentially grown to become a $110 billion business opportunity aided by the new realities of work, networking and marketing.”
“With their superior product delivering a near offline-equivalent conference experience Airmeet is placed well to tap into this major paradigm shift in the global conferencing market.”
Abhishek Mohan, the Principal of Sequoia India offered additional insights.
“The global COVID-19 pandemic has shifted the way companies engage with various stakeholders to digital given the efficiency and immersive experience associated with it.”
“Airmeet is at the forefront of this transformation.”
“We have been a partner to Airmeet for 18+ months now and are impressed with the team’s product focus, relentless execution, and the immense customer love for the product.”
“We look forward to many more years of compounding growth at Airmeet.”
Masahito Okuma, the Representative Director of DG Daiwa Ventures is buoyant.
“The current working style has dramatically shifted to online over regions. Airmeet provides an innovative platform that benefits both online and offline conference features.”
“Considering the fact that the platform can deliver convenient and engaging full-stack customer experiences, we believe in their potential for further market expansion.”
“We are therefore grateful and extremely honored to be partnering with Airmeet teams on its remarkable journey and excited to tackle the Japanese market together.”
Kira Makagon, the Chief Innovation Officer of RingCentral said, “The ongoing shift to remote and hybrid working has accelerated demand for virtual engagement software.”
“We’re proud to be an investor in Airmeet, which has seen tremendous growth since 2019.”
“The Airmeet team has built a world-class solution that aligns with RingCentral Ventures’ mission to support breakthrough innovation in the communications and collaboration space.”