Brands are investing an increasing amount in hosting and curating their own events and as a result, proper event management and execution is more crucial than ever. In order to impress attendees, getting every detail right counts, and Bizzabo is the all-one event software that companies like Forbes, Hubspot, and Dow Jones rely on. The platform allows event organizers to deliver unique, attendee experiences through its intelligent personalized engagement. Companies can use this platform to measure the success of the event through various metrics that Bizzabo provides, thus unlocking a deeper understanding of event ROI.
AlleyWatch had the pleasure of speaking to cofounder Eran Ben-Shushan about how, in 2011, his simple desire to execute high-level events turned into a company that has now raised $56.5M in funding across seven rounds.
Who were your investors and how much did you raise?
We are excited to announce a $27M Series D, driven by an impressive group of partners. The round was led by Viola Growth, along with new investor, Next47. Existing investors, such as Maor Investments and Pilot Growth, which led the company’s previous round, also participated.
Tell us about the product or service that Bizzabo offers.
Bizzabo’s all-in-one event software enables in-person events to deliver unique attendee experiences through intelligent and intent-based personalized engagement. We help companies measure, manage and scale events towards key business outcomes, empowering every organizer, marketer, exhibitor, and attendee to unleash the power of professional events. Bizzabo powers events for brands like Forbes, Hubspot’s INBOUND, Dow Jones, Gainsight, Bank of Ireland, and Electronic Arts.
Key to raising this round was our data science capabilities, which will become even more advanced through this investment. Our technology is powered by data and uses machine learning to deliver unparalleled, personalized event experiences across desktop and mobile, and, most importantly, in-person.
What inspired you to start Bizzabo?
Bizzabo was founded in 2011 and based on the concept of cultivating a higher value at professional events.
We’ve attended many events and have hosted some ourselves and thought, “How do we maximize this opportunity?”
We’ve attended many events and have hosted some ourselves and thought, “How do we maximize this opportunity?”
After working closely with thousands of customers we realized how critical live events are to driving key business outcomes. We saw a real need for this in the market and decided to build a revolutionary platform that will bring professional events into the 21st century.
How is Bizzabo different?
Bizzabo’s platform is the new generation of event software. Whereas the old generation of “event management software” focuses on the tactical and operational aspects of events, Bizzabo focuses on driving success and business outcomes. Existing legacy solutions were created before the mobile, cloud, and social revolutions. While having a lot of features, they lack the ability to create a holistic, branded and data-driven event journey—for both attendees and event marketers.
These types of platforms fall short of the needs of corporate event marketers who require a branded all-in-one solution, the ability to surface comprehensive event insights, and the ability to take actions based on those insights.
What market does Bizzabo target and how big is it?
The event management space is a $500B market. 85% of business leaders believe that in-person events are a critical component of their company’s success. More specifically, 25% of B2B companies’ marketing spend is on live events. And the most successful businesses are spending 1.7x the average marketing budget on events. The opportunity here is huge and we are meeting the demand, focusing specifically on mid-market and enterprise customers.
How has the business changed since we last spoke in 2014 after Bizzabo’s $2.5M funding?
Personalization is now king – and that means data is everything. Due to the increase in digital and offline noise, businesses are focusing on creating memorable, engaging, and personalized experiences throughout the customer journey. And, more often than not, the peak of this journey culminates at in-person events—whether they be conferences and seminars, trade shows or other experiences. Because of that, marketers need to see the full picture of attending individuals and companies to ensure their unique journey is fulfilled while achieving event-driven KPIs. We are bringing data to event management in brand-new ways to deliver on this shift.
What’s your business model?
We are a cloud-based software business and customers need to purchase an annual subscription to enjoy our platform. Pricing depends on features needed and the number of participants at events on an annual basis.
What was the funding process like?
The funding process is always a challenging but exciting experience. When we first started fundraising we had to work hard to prove the market size of the events industry. Nowadays, it’s very clear to investors that event software has a huge addressable market and that it’s a fast-growing category. We’re more than happy with Viola Growth leading the round as we believe they are an amazing investor who will help us take the company to new heights.
What are the biggest challenges that you faced while raising capital?
The biggest challenge is keeping the business running as usual while fundraising. We have a great leadership team that allowed me to focus on finding the right investors while continuing to grow revenue and taking care of our customers and team members.
What factors about your business led your investors to write the check?
We have the only modern and holistic offering, built to deliver data-powered, personalized event experiences. Bizzabo’s technology is disrupting the event space. Add to that our great leadership team and our offering resonated with the VC community.
What are the milestones you plan to achieve in the next six months?
We will be focusing on delivering even greater personalization offerings to our customers, through new and advanced data and analytics capabilities, more third-party integrations and machine learning-powered intelligence and enhancements. We also plan to grow Bizzabo’s R&D and go-to-market teams in Tel Aviv and New York.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
People are your biggest asset. Invest in your customers and in your team, listen to them, learn from them, and grow with them. Too many companies are focused on technology above everything else, but it’s a customer-centric approach that ultimately wins the market.
Where do you see the company going now over the near term?
We are on our way to becoming the most trusted event success platform in the industry. Our unwavering vision is to unleash the power of professional events for businesses, bringing people together for impactful and rewarding in-person experiences. We are well-positioned to do that and our Series D, thanks to our impressive partners, will reinforce and strengthen that mission.
What’s your favorite restaurant in the city?
My cofounders and I love Mari Vanna.
