Airmeet luggage $12 million in funding led by Sequoia Capital India, Know-how Information, ETtech
On-line occasions internet hosting platform Airmeet has raised $12 million in Sequence A funding led by Sequoia Capital India, together with participation from US-based Redpoint Ventures, and present traders Accel India, Enterprise Freeway, and International Founders Capital (GFC).
The funding comes as Airmeet is exiting its public beta stage and is readying to open its app for utilization by organisations by means of a freemium mannequin, just like different software program merchandise which are vying for a foothold within the sector.
“A superb portion of the funding will probably be deployed into product and know-how improvement. The second space can be to develop the client base to 10X within the subsequent 24 months,” stated Lalit Mangal, cofounder at Airmeet.
Airmeet claims it’s already doing round 1,000 occasions a month and has a base of shut to at least one million customers, which is rising at round 25% month-on-month. It stated this progress has been doable although natural word-of-mouth advertising and marketing, with 23% of occasions being created on its platform by individuals who attended an occasion on Airmeet.
“Covid-19 has accelerated a everlasting behavioral shift throughout many industries. With digitisation of largely conventional areas leapfrogging by years, the $800+ billion international offline occasions house is up for grabs. There’s huge potential for gamers who drive the trade’s transition in direction of online-events,” stated Abhishek Mohan, vice-president, Sequoia Capital India.
Mangal stated that Airmeet would additionally develop its crew from round 60 as we speak to 100 staff quickly, however would largely retain a lean product heavy crew, leveraging the corporate’s excessive natural progress. Whereas the corporate will quickly reveal pricing for its product, he stated that the main focus is not going to be on income progress.
“We’ve got simply graduated out of the beta stage. We’re getting one paid buyer each six hours, regardless of not publishing pricing. For the mid-term we’re actually not centered on revenues, as a result of this product is a media format innovation and we wish to actually hold it unshackled quite than locking it,” added Mangal.
Whereas Airmeet credit a few of its excessive progress to the Covid-19 pandemic which disrupted the offline occasions sector globally, it says there’s a rising base of consumers that perceive the worth of doing occasions just about, and the pandemic has solely elevated that realisation.