There has been a growing global inclination towards virtual meetings and events since the outbreak of the Covid-19 pandemic and the subsequent global lockdown.
In fact, according to Verified Market Research, the Global Virtual Event Platform Market size was valued at $9.03 Billion in 2020 and is projected to reach $22.75 Billion by 2028.
This boom has led Tevent, a UK-based tech firm in the virtual events space, to secure a much needed $2M in seed funding that not only adds credibility to the startup but also, avails more resources to sustain product development.
This significant achievement was supported by fabled Silicon Valley investors, such as top Medallia executives, Leslie Stretch, Rory Cameron and Jimmy Duan, Shreesha Ramdas, Co-Founder of Strikedeck and Nathalie Scardino SVP at Salesforce.
The investment comes at a key time, to help Tevent scale its platform to meet soaring demand for its service. The firm expects to double down on product development by strategically focusing on serving particular use cases and niche segments, as well as developing a mobile and desktop app. This funding will also enable Tevent’s platform to continue to innovate with impressive features such as fun app integrations, multicast, APIs, and automation.
“Look, we all know the environment is impacted by physical events. But if they’re irreplaceable, it won’t matter—until it is too late. We’re not here to devalue physical occasions; we’re more interested in improving remote ones. Only then can we reap the benefits of sustainability, access, and affordability. Quite rightly, virtual is here to stay. We’re giving you the tools to make it viable.” Amer was quoted.
The innovative team behind Tevent hopes to further enhance and improve social interaction in a post-pandemic world, by allowing people and organisations to effortlessly host virtual events through their interactive platform.
A potential disruptor
Founded in March 2020 by long-time friends, Ahmed Amer and Alex Dobson, Tevent was started as an immediate response to the lockdown restrictions on physical gatherings and events. In its mission to deliver dynamic, engaging, and sustainable contactless events and interactions, the idea went from conceptualisation to development, without the founders ever being in the same room. Moreover, the company built their operational model entirely on remote work, which is similar to what they uphold with Tevent as a technology platform for virtual events.
Its early access public beta product was launched in late August 2021 and was aggressively marketed to its potential customers through November 2021 and the months that followed. The company claims to have slightly north of 2000 customers, with a Compounded Monthly Growth Rate (CMGR) of 30%, over the last quarter.
The firm mainly targets small and medium-sized enterprises (SMEs) that are currently unable to access dedicated virtual event platforms due to existing cost and technical barriers. The aim is to provide a less expensive alternative without any trade-off for quality. Entrepreneurs and businesses can host dynamic events and enhance organizational collaboration.
Tevent aims at making virtual platforms more than just a viable option, adding a layer of excitement, stemming from its instant accessibility as well as a frictionless and fun experience. Anyone can easily set up a webinar or build a community around their brand in a few clicks. The company claims that its product brings back the sociability, excitement and spontaneity that’s often abundant with physical events. In a nutshell, they offer a feature rich platform for virtual gatherings, while retaining unmatched affordability. Tevent is undoubtedly in its early stages, but remains an interesting one to watch out for. Could it be the next disruptor in its space? We’ll certainly keep an eye out for it.