In-person Events Make a Comeback as Vendelux Secures $14 Million in Funding
In-person events are making a strong comeback after the global pandemic, and Vendelux, an AI-powered event intelligence platform, is capitalizing on this trend. The company, founded by former Shutterstock executives Alex Reynolds and Stefan Deeran, has secured $14 million in a recent Series A funding round to boost its B2B event marketing capabilities. The funding round was led by FirstMark Capital, with participation from Cervin Ventures and the founders of prominent event organizers and marketers.
Empowering Event Marketers with AI-powered Insights
Vendelux’s event intelligence platform leverages artificial intelligence and predictive modeling to provide event marketers and chief marketing officers with valuable insights. Through their platform, event marketers can identify which events their customers and competitors will be attending, enabling them to make informed decisions about which events to attend or sponsor. Vendelux offers a vast database of 65 million data points on over 160,000 global events, tradeshows, and conferences.
A Growing Customer Base and Increased Revenue
Since its last funding round, Vendelux has experienced significant growth. The company has doubled its number of customers and tripled its annual recurring revenue over the past year. With a free version of its software being used by over 5,000 event marketers, Vendelux has also expanded its customer base to include major enterprises such as PayPal, MongoDB, Okta, and T-Mobile. Additionally, Vendelux has started working with event organizers and analyzing data from larger conferences.
Expanding Globally and Doubling the Team
With the new funding, Vendelux plans to further develop its product and acquire more customers. The company also intends to double its team by the end of 2024 and expand globally. This expansion includes establishing a London-based team to cater to enterprises across Europe, the Middle East, and Asia. The goal is to provide end-to-end solutions for event marketers, helping them identify the right events and connect with potential prospects. Vendelux aims to help marketers track the value of event marketing and optimize their strategies.
Events as the Best Way to Connect
Despite the rise of virtual conference startups during the pandemic, Vendelux remained confident that in-person events would make a strong comeback. As events are now bigger than ever, marketers are realizing the value of in-person interactions for building new business deals and nurturing existing customer relationships. With other marketing channels facing challenges, such as privacy concerns impacting performance marketing, events have become the preferred method for face-to-face client and prospect meetings.
A Bright Future for Event Marketing
Vendelux’s latest funding round demonstrates the growing importance of event marketing in the post-pandemic world. As companies recognize the value of in-person events, the event space is experiencing significant growth. Vendelux’s AI-powered platform is poised to play a pivotal role in helping event marketers make data-driven decisions and maximize the ROI of their event marketing efforts. With its expanded funding and global expansion plans, Vendelux is well-positioned to lead the way in the B2B event marketing industry.