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, organisations 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 $9.03 billion in 2020 and is projected to reach $22.75 billion by 2028, growing at a CAGR of 12.24% from 2021 to 2028.
Tapping into the virtual event tech segment, London-based technology platform for virtual events Tevent has raised $2 million (£1.5 million). The company has roped in financial backing from 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 platform is also looking to roll out features such as fun app integrations, multicast, APIs, and automation.
Founded in March 2020 by long-time friends Ahmed Amer and Alex Dobson, the startup was built for SMEs that are currently unable to access dedicated virtual event platforms due to price and technical barriers. Entrepreneurs and businesses can host dynamic events and collaborate with ease via this medium. Influencers and creators can also use it for their community engagements and interactive podcast type of content.
Ahmed Amer, co-founder and CEO, Tevent said: “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, the startup is gearing for its Series A round, which will enable it to unveil its platform market as in the U.S, and further across Europe.
The platform is also super engaging, with a people-first design to make virtual fun and natural, not an awkward chore. It has customisable room layouts enabling a multitude of formats taken for granted with physical events.