New Delhi: Hubilo, an intelligent virtual and hybrid events platform, has raised $ 23.5 million (over Rs 170 crore) in a Series A funding round led by Lightspeed Venture Partners and Balderton Capital. John Thompson, chairman of the board at Microsoft Corp., and Chris Schagen, former chief marketing officer at Contentful, also participated the fundraising.
The San Francisco-headquartered company, which also has offices in Ahmedabad and Bengaluru, had in October last year raised $ 4.5 million from Lightspeed Venture Partners and a number of angel investors.
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Can’t believe we seeded @Hubiloconnect ~3mo ago! It’s been an honor serving this board & I’m delighted to welcomeâ¦ https://t.co/Wv5QjNNu8W
â Hemant Mohapatra (@MohapatraHemant) 1614182206000
Hubilo will use the funding to fuel its global expansion plans and build leadership teams in new centres of San Francisco and London. The funding will also be used for tech innovation in the virtual events space.
The company now wants to double its headcount to 300 by June.
The plan is to hire in India and build on-ground teams in the US and the UK across sales, marketing, product, design and finance divisions, Founder CEO Vaibhav Jain said. The company has been hiring for leadership roles and has onboarded senior executives for roles like Director of Design, vice president (finance), vice president (talent) head of product, he said.
“Our strategy, product features and platform intelligence are expanding possibilities of what is achievable in the events space, and we are continually delivering greater value for event organisers, sponsors and other stakeholders,” Jain said.
Hubilo’s revenue, meanwhile, has grown 50% sequentially since enrolling its first customer in April 2020, despite in-person events gave way to digital ones.