Tevent, a technology platform for virtual events has secured US$ 2 million (£ 1.5 Million) in a series of seed funding rounds to support its product development.
The UK-based startup received significant financial backing from leading Silicon Valley investors and C-Suite executives, 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.
Tevent intends to use the funding to scale its platform to meet soaring demand and 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 current investment would also allow Tevent to continue to innovate with impressive features such as fun app integrations, multicast, APIs, and automation.
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.”
Tevent is currently preparing for a Series A round. The fund to be raised will 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.
Demand for virtual event software amidst pandemic
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. Based on the data from 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.
Understanding the demand for virtual events software, long-time friends Ahmed Amer and Alex Dobson founded Tevent in March 2020. They started the company entirely remotely as an organic response to the untenability of the event landscape amidst the pandemic. It was dreamt up, designed, and even pitched without ever being in the same room. Drawing on their experience, Amer informed purpose, while Dobson made it tangible.
“We all know that physical events impact the environment. But if they are irreplaceable, it won’t matter—until it is too late. We are not here to devalue physical occasions; We are more interested in improving remote ones. Only then can we reap the benefits of sustainability, access, and affordability. Quite rightly, virtual is here to stay. We’re giving you the tools to make it viable,” Amer shared.
Tevent launched its early access public beta product in late August 2021 and started marketing it in November 2021. Since then, they got short of 1000 sign-ups. In 2022, they generated 675 signs ups and traction started picking up now as they gathered 416 additional sign-ups in February 2022. That is also a 30% Compounded Monthly Growth Rate (CMGR).
It was built and created for small and medium-sized enterprises (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. They can expose their brand and thought leadership, generate leads, with super engaging external-facing webinars and talks. Influencers and creators can also use Tevent for their community engagements and interactive podcast type of content.
Creating dynamic events with ease
Amer shared that the goal of Tevent is to make virtual platforms not just a viable option but an exciting one. It makes engaging virtual gatherings disruptively accessible, frictionless, and fun.
“We believe that simplicity is key to success so we focus on making effortless virtual events with effortless tools, effortless interactions and effortless connections.Tevent gives you the tools to create a fluid, and truly engaging experience for your guests — without the need for any tech wizardry,” he said.
Users can host webinars and build a community around their brand through the platform in a few clicks. It is accessible that anyone can set up events with no technical knowledge required– one-click stock assets and frictionless registration. It is also flexible, transparent, and affordable, as all features are included even in their free plan.
Designed to bring back the sociability, excitement, and spontaneity that were taken for granted in physical events, attendees can navigate a living, vibrant space with customisable session formats and stay connected with a fully-fledged social networking layer for group chats, meetings, and more. It also has a feature called “Spaces,” a permanent, feature-packed hub to bring a community together. It offers a deeply integrated social media-style networking like Linkedin where you can schedule meetings, add contacts, create group chats and calls on the fly, send GIFS, and much more.
The platform is also engaging, with a people-first design that gives an unmatched sense of life and spontaneity, making virtual fun and natural, not an awkward chore. It has customisable room layouts enabling a multitude of formats taken for granted with physical events.
“Tevent is not built for rigid interactions and awkward conversations — we need natural ebbs and flows. Host engaging events; create tables in an instant; and events can be hosted from your own permanent Space, so everyone knows where to come back to for more. Every element of your Events is purpose-built for interaction– from Stage sessions equipped with live, animated, reactions to the buzzing activity of members moving between Rooms and Tables. Through Tevent’s platform, you can host all your events under the common roof of your own lively community Space. We give you the platform to meet, share and stay in touch. What you do with that, is up to you because it is designed for you,” Amer explained.
Remote future as an inevitable and viable alternative
Amer believes that “virtual” is inevitable that is why Tevent will make it viable.
“Travelling to physical events is tiring, time-consuming and excludes people. And we’ll have to stop either way, for the planet’s sake. But current methods of gathering online are distant and unsatisfying — text message boards, fire-and-forget callrooms or passive webinars. Tevent has created new ways to get together, socialise and share online, translating the formats we take for granted when meeting physically,” he explained.
He also stated that the company is entirely remote as they do not have a physical headquarters, which is similar to what they uphold with Tevent as a technology platform for virtual events– “network, connect, and get together, no matter the distance.”
“Our progressive approach to work means we are not restricted geographically and can focus instead on hiring based on talent. We’re working towards making remote a viable alternative and building a sociable, sustainable and connected future. Wikipedia allowed anyone to learn, YouTube allowed anyone to spread video, and Tevent will allow anyone to gather and truly connect remotely,” said Amer.
“Before Wikipedia, only those with access to public libraries could access information. Before YouTube, only professional broadcasters could share video across the globe. Right now, not only those with the health, wealth and time to travel are able to truly meet, collaborate and feel like a community. That was then. This is now. The remote future is inevitable. It’s about time we outgrew the teething pains of current virtual and remote solutions. With Tevent, let us start making remote fun, collaborative and workable for all,” he added.