Event app provider Eventtus raises $2 million
Eventtus announced a new investment round of $2 million led by Algebra Ventures and 500 Startups.
This brings the total capital raised by the company to $2.65 million in less than two years. Previous investors include Raed Ventures and MEVP. The investment is among the top 10 investments that have been in the MENA region in the past six months. This comes in the context of the growth of the events industry and a clear mindset of event organisers globally keen on integrating digital apps and features for enhancing the event experience for participants.
This is the fourth investment made this year by Algebra Ventures–a VC fund backed by CISCO, EBRD, and IFC. “Our investment in Eventtus is premised on the technological disruption that is happening globally in the world of events. It is also premised on the great product that Eventtus has built and the customers they have managed to attract. The region’s events and conferences industry has grown significantly over the past years with revenues today exceeding $5 billion. With its deep understanding of the needs of event organisers and event goers, Eventtus is well positioned to play a leading role in transforming this industry,” said Ziad Mokhtar, Managing Partner of Algebra Ventures.
The investment will allow Eventtus to accelerate its expansion in the Middle East and introduce new products to also compete on a global scale. The company’s roadmap focuses on developing new platform features for optimising the outcomes of all event stakeholders. New features range from making the lead generation process more efficient for exhibitors to diversifying the revenue generation options for organisers. Also, Eventtus is on course to launch its’ new AI module that will enable participants to identify the best people to connect to at each event based on a machine learning algorithm that understands their business goals better and better with each interaction.
“500 Startups is proud to invest in such a great team, led by Mai Medhat and Nihal Fares. We look forward to supporting them as they aim to disrupt the events-related technology space and improve overall conference experience in the region and beyond. With the MENA region becoming a major hub for global launches and events, the opportunity in this space is significant. We look forward to welcoming Eventtus to the global 500 Startups family,” said Hassan Haider, Partner at 500 Startups.
Eventtus has been working on technologies such as social media integration, personalisation or real-time intelligence, and has seen an impact in the engagement rates of attendees and an increase in the longevity of event series. In this context, features such as the customised event agenda, the event sharing feed or the real-time polls that Eventtus launched in the past 18 months have proven to be an anticipation of the attendees’ and organisers’ newly-discovered expectations. Thus, events served by Eventtus have seen an increase in the engagement rate of attendees of up to 91 per cent.
“This round comes at a time when we believe that the Eventtus platform is ready to fulfil that role in the events market. This round has the strategic value of enhancing our capacity to work with global companies organising major events in the MENA region as well as making Eventtus the main platform and event app provider for regional event organisers,” said Mai Medhat, CEO of Eventtus.