Airmeet, a 1-year-old virtual events platform based in Bengaluru, India, raised $12 million in Series A funding.
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New investor Sequoia Capital India led the round joined by Redpoint Ventures, with participation from existing investors Accel India, Venture Highway, Global Founders Capital and Gokul Rajaram. Airmeet has raised approximately $15 million since the company was founded last year, including a $3 million seed round last year, co-founder Lalit Mangal told Crunchbase News.
Airmeet’s platform features a ballroom-style social lounge with virtual tables for serendipitous encounters and a “speed networking” lobby where participants can spontaneously meet and make new connections in one- to-five-minute increments.
Although the company focuses on helping event organizers host interactive and immersive events ranging from a professional meetup to a large-scale festival, the origins of the company came from being a remote company, Mangal said.
“In India, there is not enough awareness of remote work,” he said. “More people are moving out of big cities, and this is a new way to build connections.”
Airmeet will use the new funding on product development and accelerating growth in regions of importance. In addition, the company plans to grow its team from 60 to 100 across six countries.
Until now, much of the company’s growth has been by word of mouth, with more than 10,000 events hosted on the platform since July, Mangal said. The goal is to support 10 million people on the platform and to host more than 1,000 events per day.
Abhishek Mohan, vice president of Sequoia Capital India, said in a statement that the COVID-19 pandemic has shifted behaviors in many industries as digitization has gained in popularity. As a result, the global online events space, which is poised to grow nearly tenfold to $744 billion in the next 10 years, is ripe for market leaders to drive the transition to online events.
“Airmeet’s mission is to create a global platform to enable millions of community managers and event organizers across the world to engage with and expand their audience,” he added. “And with Lalit and [his] team’s focus, execution and innovative thinking, they are strongly placed to achieve their goal.”
Social Lounge photo courtesy of Airmeet
Illustration: Li-Anne Dias