With working from home becoming the new standard, the need for reliable video conferencing applications has increased dramatically. Many established and new players such as Zoom, Google, Facebook and others have entered this field. While they are focused on online meetings, organizations also need a way to conduct physical events online. This is where startup Hopin, which offers an all-in-one live virtual event platform, helps organizations do just that.It helps companies create virtual and hybrid live events promoted as interactive and immersive. With the help of the company's platform, participants can learn, interact and connect with people from anywhere in the world. It can be used to host online training sessions, remote team meetings, and more.
According to the company, what sets it apart from its competitors is the unique capabilities of the platform. By creating an event, hundreds of thousands of people can participate and socialize one-on-one. In addition, the platform allows attendees to break into breakout sessions, send chat messages and take polls, view keynote presentations and explore interactive exhibit areas.
The platform also provides a virtual backstage area for speakers and offers many sponsorship opportunities. The London-based company, founded in 2019, has employees in 38 countries.
The company says it continues to enjoy rapid growth and increased demand since its launch in February 2020. From 5,000 registered users and 1,800 event organizers on the Hopin platform, it has grown to more than 5 million users and more than 100,000 event organizers.
Last November, the London-based startup raised $125 million (about 106.1 million euros) in a Series B funding round led by IVP and Tiger Global, joined by Coatue and DFJ Growth, as well as regular investors Hopin, Accel, Northzone, Salesforce Ventures and Seedcamp. According to Reuters, the company's valuation has risen to an impressive $2 million (almost €1.7 million), up from $42 million less than a year ago, making it a double unicorn. To date, the company has earned more than $170 million.
Hopin also acquired StreamYard for an impressive €203.82 million, to be paid in cash and stock. StreamYard offers a live video streaming studio that enables content creators to stream professional-quality content. The company's solution enables the creation of graphically rich brand experiences, viewer interaction, hosting multiple guests at the same time and broadcasting simultaneously on multiple live streaming platforms such as YouTube, Facebook, LinkedIn and Twitch. The company was founded in 2018 by Gage Vandentop and Dan Briggs and is based in Tualatin, Oregon.
According to the press release, StreamYard will soon replace Hopin Studio and will work across Hopin. Hopin is focused on accelerating the development, sales and marketing of StreamYard's innovative products and growing its corporate customer base.
Vandentop and Briggs will continue to lead StreamYard's 19-employee team and will join Hopin to help Bufarhat grow the company's overall vision as a one-stop provider of best-in-class video streaming and virtual event services.