Hopin, the US-based developer of a virtual events platform, hiked its valuation to $5.65bn yesterday in a $400m series C round featuring enterprise software provider Salesforce’s corporate venturing subsidiary, Salesforce Ventures.
Venture capital firms IVP, Andreessen Horowitz and General Catalyst co-led the round, which included Coatue, DFJ Growth, Northzone and Tiger Global Management. Sriram Krishnan, general partner at Andreessen Horowitz, is joining the company’s board of directors.
Founded in June 2019, Hopin has built a software platform that enables users to create immersive virtual live events using live video technology and interactive tools.
Johnny Boufarhat, Hopin’s founder and CEO, said: “As we have seen, the importance of providing unparalleled virtual and hybrid event experiences has never been greater and this latest funding is a reflection of how critical it is as brands look for ways to connect with people and avenues of growth.
“To enable this, we are investing more in video innovation, the core medium of digital collaboration. We are incredibly appreciative of the confidence from our investors who share Hopin’s vision for a better connected world. This is a testament to the dedication of the Hopin team, which works hard to deliver for our customers.”
The company’s overall funding now stands at $565m, and it said it has added 30,000 customers since its last round, a $125m series B in November 2020 valuing it at $2.15bn.
IVP led the November round, which was also backed by Salesforce Ventures, Tiger Global, Coatue, Northzone, DFJ Growth, Accel and Seedcamp.
Hopin had secured $40m five months earlier in a series A round led by IVP and backed by Salesforce Ventures and Slack Fund, the investment vehicle for communication platform developer Slack, as well as Accel, Northzone and Seedcamp.
Accel led the startup’s first round, a $6.5m seed round in February 2020 that included Slack Fund and Amaranthine Fund, the corporate venturing unit for technology event promoter Web Summit, in addition to Northzone and Seedcamp.
