Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures, and Nexxus Global led a $35 million (roughly Rs 262 crore) Series B funding round cooperated by novel investors Prosus Ventures, Sistema Asia Fund, RingCentral Ventures, KDDI Open Innovation Fund, DG Daiwa Ventures, and Nexxus Global on Tuesday. Sequoia Capital India and Accel India, both existing investors, also participated in the round.
The funds will be used to expand globally, support research and development, and scale market operations. Airmeet said that it has seen a 24X increase in recurring revenue since its last investment round and is growing at a 30% month-over-month rate.
“Customer engagement has been fast evolving into a space that needs to go beyond the traditional channels. Brands have to start conversations and engage with customers without losing their human touch in virtual space. Our mission has always been to focus on engagement and assist businesses with scaling their customer engagement through multiple interactive event formats,” said Lalit Mangal, CEO and Co-Founder of Airmeet.
Airmeet’s technologies can be used for webinars, hybrid conferences, trade exhibitions, and workshops, among other multi-format events. Airmeet previously raised $12 million (Rs 88 crore) in its Series A financing round in September 2020, led by Sequoia Capital India and Redpoint Ventures.
In 2019, Lalit Mangal, Vinay Kumar Jaasti, and Manoj Kumar Singh established this platform that allows users to live-stream events and allows attendees and visitors to engage and network with one another. With over 300 employees split between India and North America, it claims to be the first remote-first corporation.
Mangal’s previous company, CommonFloor, was acquired by Quikr.com for $200 million, and the founding trio has been together since then.
“This pandemic has shifted the way companies engage with various stakeholders (customers, employees, etc.) to digital given the efficiency and immersive experience associated with it. Airmeet is at the forefront of this transformation. We’ve been a partner to Airmeet for over 18 months now and are impressed with the team’s product focus, relentless execution, and immense customer love for the product.
We look forward to many more years of compounding growth at Airmeet,” added Abhishek Mohan, Principal at Sequoia India.
After both of their event experiences came out of beta in 2021, Mangal said they began focused on monetisation, and they’ve seen significant revenue growth in the last year. Airmeet intends to expand its portfolio of new experiences on the platform in the future, he said.
Airmeet currently has over 1,000 customers and plans to grow to 15,000 by the end of the year, he said. The startup’s significant customers are Flipkart, ViacomCBS, University College London, Minnesota State University, Fifth Element Group, and Unifrog Education.
According to Mangal, India now represents roughly 15% of the company’s income, with the remainder coming from North America and Europe.