Event success platform Bizzabo, announced today the close of a $15 million round of equity funding, led by Pilot Growth Equity, with participation from European investment fund Maor and existing investors. The investment brings Bizzabo’s total funding to $30 million, in support of its goal to revolutionize the industry with its unique event cloud technology. The new capital will support the rapidly growing customer base, and will accelerate new product development.

According to a Forrester research, the typical CMO will allocate on average 24% of their total annual budget to professional events, which amounts to more than $500 billion marketing dollars invested in professional live events each year.

Founded in 2011 by Eran Ben-Shushan, Alon Alroy, and Boaz Katz, Bizzabo is providing marketers with a modern suite of tools to create effective and rewarding professional events. The company aims at unleashing the power of events to drive impactful in-person experiences, networking opportunities and business outcomes for thousands of events around the world.

Customers use Bizzabo to consolidate their event stack and benefit from the platform’s insights to manage, measure and grow their events participation, engagement and experience. Key features enable organizers to build websites, manage event registration, sell tickets, grow communities through on-site networking, and event apps – all within a cloud-based, user-friendly platform.

Since launching its product in 2012, The company has enabled thousands of events globally to run seamlessly with a growing number of enterprise organizations, including WeWork, HubSpot, GitHub, EA Sports, Bank of Ireland, and many more. Bizzabo reports its annual revenue is in the millions and, in the past year alone, annual recurring revenue grew more than 200% and the team doubled in size.

“We’ve experienced tremendous growth over the last year – both from a client and revenue run rate standpoint, and we’ve also doubled our team globally as well as taken some big bets investing in the future of our platform. We have ambitious goals for shaking up the traditional event industry with our event cloud technology, and we’re already on our way,” claimed Eran Ben-Shushan, Co-founder and CEO of Bizzabo on a phone call earlier this week.

“Bizzabo is the company with the best platform and leadership to become the category leader in the rapidly growing, although still fragmented, $28 billion-dollar event management software market” said John DeLoche, co-founder and Managing Director of Pilot Growth, who will join Bizzabo’s board of directors. “Organizations trust Bizzabo’s seamless and innovative Events Cloud to attract and engage attendees, gain data driven insights and maximize the impact of their most important events. We are honored to partner with the co-founders to help them achieve their vision,” he concluded.

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