Cvent raises $136 Million in Series B Funding
Date: Monday , August 01, 2011
U.S. based event management software company, Cvent, raises $136 million in series B round of funding from New Enterprise Associates (NEA) and Insight Venture Partners along with Greenspring Associates marking the largest investment in a private business software company till date in 2011. The fund raised will be used for acquisitions and ramping up mobile and social media offerings along with continued transformation of how event organizers find and do business through the Cvent Supplier Network. The fund will also be used for substantial technology developments and continued global expansion.
Established in 1999, it has more than 800 employees worldwide and plans to hire more than 200 over the next 12 months, among which half of them will be engineers focused on continuous enhancements to the company's suite of cloud-based event management, strategic meetings management and web survey products. It is one of the largest software-as-a-service (SaaS) provider of online event management, venue selection and web survey solutions. More than 90,000 event and marketing professionals use the product of the company and its Supplier Network is projected to generate $4 billion in business for hotels in 2011.
"The real driving force behind the success of our company is the loyalty and belief that our customers and employees have placed in us. As we take Cvent to the next level, we hope that they will continue to believe in us," says Reggie Aggarwal, Founder and CEO, Cvent. With 41 percent compounded annual revenue growth for the last five years, a client roster that has doubled in size over the last two years to more than 7,500 organizations, they have kept on adding a significant number of strategic meetings management and event management clients, including Cardinal Health, The Coca-Cola Company, Deere & Company, MetLife, Nationwide Mutual Insurance, Procter & Gamble and Wells Fargo. It has expanded relationship with 1,000 hotel chains around the world, including Hilton, Hyatt, Marriott, Starwood, Intercontinental Hotels Group and Accor.