Global intelligent virtual events platform Hubilo announced that, as of February 3, 2021, it has secured $23.5 million in a Series A round of funding led by California-based venture capital firm Lightspeed Venture Partners and London-based VC firm Balderton Capital. The round was also participated in by individual investors, including Microsoft’s Chairman of the Board John Thompson and former Chief Medical Officer of Contentful Chris Schagen. Hubilo plans to use the fresh capital to invest in market expansion and product development.

Hemant Mohapatra, Partner at Lightspeed Ventures India, weighs in on the firm investment in the startup: “As Hubilo’s first institutional backers, we are extremely pleased to welcome new world-class investors and board members to the team as we shift into an even higher gear to dominate virtual and hybrid events in a world that is emerging out of the pandemic.”

When the digital events platform was founded in February 2020 by current CEO Vaibhav Jain, it was supposed to provide an events management software. However, the company experienced problems with the event industry as the coronavirus pandemic had put restrictions on physical events and gatherings all over the world. The company adapted well and started concentrating on the virtual events space.

Since adapting to the new normal, the company has seen significant growth as it achieved 50 percent month-over-month growth and grew its team from roughly 60 employees to over 130 employees. It also boasts a “world-class CSM team that ensures an impressive response time of less than 20 seconds.” The startup’s Series A comes in less than 4 months since its seed investment round amounting to US$ 4.5 million last October 2020.

Jain highlights Hubilo’s features and eyes further global expansion: “Our strategy, product features, and platform intelligence are expanding the possibilities of what is achievable in the events space, and we are continually delivering greater value for event organizers, sponsors, and other stakeholders. We’re excited to welcome our investors onboard as we begin this next phase of global expansion.”

The company raised $4.5 million in a Seed round in October 2020, and it counts the United Nations, Roche, Fortune, GITEX, IPI Singapore, Tech In Asia, Infocomm Asia, and Clarion Events, as among the users of its virtual events platform.

Hubilo plans to use its Series A investment to continue expanding globally in both its existing market and possible new markets. Around 12 percent of Hubilo’s sales come from Southeast Asia, where the company plans to scale further, as well focus on markets in the United States, Europe, the Middle East, and Africa.

It also plans to continue investing in product development as it works towards a version 2.0 that will give its clients a better overall experience for their events.

Guru Chahal, Partner in Lightspeed Ventures US said: “In our research, some of the most demanding customers worldwide made it clear that Hubilo was their trusted partner in both these categories, virtual and hybrid. We are delighted to lead Hubilo’s Series A funding and use Lightspeed’s global resources to support their exponential growth.”