Cvent Plans To Raise 800 Million In Cash When It Goes Public In The 4th Quarter
Cvent has always been a favorite of event planners for registration, but with the introduction of its video solutions for hybrid and virtual meetings a year ago along with the pending infusion of massive amounts of cash, Cvent will be able to do it all.
In March of 2020, when I first wrote about planners canceling meetings at convention centers and switching to virtual event platforms, I didn’t mention Cvent, Hopin or even Zoom for that matter. Now 18 months later, these are the three that investors, who are always looking for the winners, are the most excited about.
Cvent is the only one with a total event tech solution. It had all of its capabilities on display at Cvent CONNECT, its annual conference that took place August 1-4, 2021. Previously, they announced plans to raise 800 million dollars in cash when the company goes public with the help of an IPO for investors along with an impressive list of institutional investors.
Virtual events platform provider Hopin appears to be headed in the same direction. Hopin is just two years old and purchased Boomset and other tools for in-person meetings. It has raised over one billion dollars since Febuuary 2020.
For its part, Zoom seems content to stay in its lane of being the reliable video conference provider to both Cvent and Hopin and millions of others. It has plans of taking a 10% stake in Cvent when it goes public in the 4th quarter of 2021.
Cvent started as an in-person registration company and it has long been a favorite with event planners. Over two decades, the company expanded its offerings to include venue sourcing, feedback surveys, email marketing, and more – giving event planners and marketers all sorts of ways to promote and manage their events and collect and use a lot of data, but there was no video. That all changed with the pandemic.
In May of 2020, Reggie Aggarwal, CEO and Founder of Cvent, decided to reinvent the company. Three months later, with the help of partners like Brightcove (NASDAQ: BCOV), a video technology platform to handle live streaming, and Zoom, to enable video conferencing- breakouts and 1-1 chat – collaborative sessions for exhibitor booths and appointments, Cvent launched its virtual event solution, Cvent Attendee Hub®. The solution incorporated most of the event marketing and management solutions that were already in place.
The mobile app which Cvent always had and was all the rage 7 years ago when mobile apps were being introduced as companions at in person events is getting new life in the age of hybrid meetings. They can be used for more efficient ways to check in, for in person attendees to communicate with those at home attending virtually through chats, Q and A, session scheduling, appointment setting and perhaps soon, 1-1 video chats.
Cvent is adding an event design studio in the fourth quarter of this year.
There is little doubt that all their innovations will be a resounding success with customers, but some of the ideas Cvent are introducing appear to have first been introduced by others. Braindate enabled attendee-led small group discussions at meetings before going virtual with a phone app and ideas for team and attendee collaboration and the design studio appear to have first introduced by others. However, ideas can’t be patented and this type of “innovation” is standard practice among tech giants.
The final challenge to Cvent in regards to its total event solution is pricing, as many customers are non-profit associations who have budgets that are being stretched due to the canceling of their in-person events and may not have extra money for Cvent’s virtual solutions – which of course, is a catch-22 as they need to spend money to make money.
What Is Cvent's Total Event Tech Program?
Our Review: Cvent's Event Tech Score
|Virtual Event Design & Engagement|
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