Virtual events start-up, Airmeet raises $35 mn funding, grows 30% M-o-M

Airmeet, a company which provides one-stop solutions for virtual meet-ups, workshops, networking etc, announced on Tuesday that it has raised $35 million in a Series B funding round which saw the participation from new investors including Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures and Nexxus Global, along with existing investors Sequoia Capital India and Accel India .
 
Airmeet was co-founded by Lalit Mangal, Manoj Singh, and Vinay Kumar Jaasti in 2019 and is headquartered in the USA withmore than 300 employees spread across India and North America.

The company added that it has experienced tremendous organic word-of-mouth growth from its existing user community, scaled its recurring revenue 24X since Series A investment and is growing at 30% M-o-M, and enabled more than 120,000 event organizers to stream 150 million minutes of video airtime globally.
 
Key customers helping to lead organic growth included Flipkart, Fifth Element Group, BMF Media, UnifrogEducation, 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, according to an official statement.

The funds raised will be deployed in expanding footprints in the global marketplace, with plans to invest heavily in R&D, and scaling its go-to-market function, Airmeet stated. The team will also be focusing on strategic activities that will bring more visibility to the brand and its offerings in the international market.

“Customer engagement has been fast evolving into a space that needs to go beyond the traditionalchannels. Brands have to start conversations and engage with customers without losing their human touch in the virtual space. Our mission has always been to focus on engagement and assist businesses with scaling their customer engagement through multiple interactive event formats,” said Lalit Mangal, CEO and Co-founder of Airmeet.
 
Ashutosh Sharma, Head of Investments, India, Prosus Ventures, said that the pandemic has brought in amarked shift in the way we work, the way we interact with customers, employees, and other stakeholders.
 
“This shift has further accelerated the adoption of agile and virtual solutions to cater to business needs. We are excited to partner 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,” he added.