Burrito

Zoom competitor Hopin raises $125M to be the Live Nation of virtual events

Snacks / Wednesday, November 11, 2020

Overheard on marketing... The Hollywood Bowl of virtual conferences – or Zoom's socially adept cousin? Virtual conferencing startup Hopin wants to be your home for live online events. But it's biggest strength might be impeccable timing: it officially launched in June 2019, just around six months before... you know what. The glow-up since March 2020:

  • User explosion: In eight months, Hopin grew from 5K users and 1.8K event hosts to 3.5M users and 50K host orgs (including NATO, the UN, and Slack).
  • Cash explosion: Hopin went from basically 0 to $20M in annual sales, and says it's now profitable. It just raised $125M in venture cash and is valued at over $2B (#DoubleUnicorn).

Burrito for lunch... means you're turning off your Zoom cam (and mic). Hoppin's positioning itself as a more social version of "other platforms" (major Zoom shade). It lets you exchange virtual business cards, fill out polls, and explore interactive "rooms" and expo booths. It also has "backstages" for speakers and branding placements for event sponsors. And it's building an Eventbrite-like market that helps you discover events.

Hoppin could thrive post-pandemic, too... The big Pfizer vax news sent Zoom stock plunging on Tuesday — investors are already envisioning a return to normalcy. But Hopin says it was born to be a “hybrid” service that complements physical events. That's something that could stick post-pandemic, even though the growth won't be as huge.

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