Whereas some industries have loved a growth throughout world lockdowns, others have floundered. Ecommerce and telehealth, for instance, had been well-positioned to thrive through the pandemic, whereas brick-and-mortar shops and businesses built around conferences, live shows, and different real-world occasions have teetered on the brink of collapse, and even toppled over the sting.
One occasion tech startup determined to pivot from offline to on-line occasions shortly after lockdowns kicked in, retooling itself from the bottom up and reemerging with a minimal viable product (MVP) after a dizzying 20-day improvement interval. By wage deferments and obligatory weekend work, Hubilo not solely survived, however went on to quadruple its headcount and hit its two-year income goal in simply six months.
Off the again of its pivot, which Hubilo stated has led to a virtually $10 million run charge for bookings, the corporate revealed it has raised $4.5 million in a seed spherical of funding. The spherical was led by Lightspeed Enterprise Companions, the Menlo Park-based enterprise capital agency behind a variety of notable startups, together with Snap, Grubhub, AppDynamics, and Mulesoft. Angel backers embody existing investor Girish Mathrubootham, who can be the cofounder and CEO of Alphabet-backed customer service software giant Freshworks, and SlideShare cofounder Jonathan Boutelle.
Based in 2015 in Ahmedabad, the biggest metropolis within the Indian state of Gujarat, Hubilo launched as an occasion administration software program firm with instruments to assist corporations run occasions. It enabled prospects to arrange occasion web sites and devoted cell apps for navigating, networking, and scheduling conferences, together with providing instruments for managing registrations and ticketing.
Over its four-year historical past, Hubilo had change into notably adept at supporting large-scale occasions hosted by firms and governments. However these features had been early casualties of the pandemic. “Those were the first ones to pull the plug for physical events — by February, we knew that all physical events globally were getting postponed or canceled,” Hubilo CEO Vaibhav Jain advised VentureBeat.
A Hail Mary pivot
Hubilo initially agreed to increase its occasions contracts by six months at no further price in hopes of weathering the storm — however this wasn’t sufficient to retain nearly all of its purchasers, who canceled their contracts or suspended them indefinitely. In February, Hubilo netted a grand complete of zero dollars in income, and with money reserves to final simply three months and 30 staff on its books, the corporate needed to make some powerful choices.
“We had to either shut down the entire business or come up with a Hail Mary,” Jain stated. “It was not an easy decision at all, but we have always loved being in the events business and saw this as an opportunity to reinvent ourselves and go for broke.”
Any pivot carries dangers, however Hubilo didn’t have a lot selection. And it wasn’t exiting the occasions enterprise, simply altering the way in which it helped corporations ship occasions. It was additionally in a robust place in comparison with newer entrants, because it had an present buyer base it may garner suggestions from, and hopefully transition to its new product.
“At that time, there was nothing much on the internet that allowed organizers to host events virtually, except a few webinar-based platforms,” Jain continued. “To test our idea, we sent out a mailer to our blog subscription list and got a very healthy reply rate, stating that they would be interested in hosting virtual events with us.”
To see it by way of its pivot, Hubilo needed to scale back prices by 60%, with staff taking a 30% wage minimize, a determine that rose to 70% for senior management. However then got here the intense spadework: easy methods to flip an offline occasions platform into one able to internet hosting occasions remotely? Timing was essential, as many corporations had been seeking to transfer occasions on-line and a variety of newer gamers had been rising.
“I gave my team a very short window of 20 days to come up with an MVP virtual event platform, as we did not want to enter the market very late,” Jain stated.
The unique Hubilo platform had a web-based networking device for occasion attendees. In accordance with Jain, prospects had hardly ever used this function, however it proved helpful for Hubilo’s pivot.
“We used this as our base and started with a simple Zoom integration, wherein an event with multiple sessions could use us instead of sharing multiple Zoom links with attendees,” Jain added.
Hubilo hosted its first digital occasion on March 16, 2020. And whereas the convention didn’t reap big monetary rewards, it served because the bedrock for Hubilo’s April launch.
“Post-beta, we got a lot of feature requests, and we just kept building them at supersonic speed,” Jain stated.
Turning round a product so shortly required sacrifices past wage cuts. For the primary 90 days, all the firm labored on daily basis, based on Jain. This helped scale back Hubilo’s typical dash cycle from two weeks to only 5 days as function requests got here in. Finally, the corporate managed to offer the entire workforce again pay, based on Jain.
“We came up with blogs, landing pages, sales collateral, product decks and videos, and support articles while the technology team was building the product,” he stated. “We were ranking high on our SEO keywords, as we were quite early in this space compared to other competitors.”
Hubilo was well-positioned as a result of it acted swiftly within the early days of the pandemic. It hadn’t needed to make big layoffs, which meant it had a workforce that might make the transition from its unique offline-focused platform to the brand new digital incarnation. As soon as the digital occasions enterprise started to realize momentum, the corporate needed to really develop its engineering workforce to construct the platform out. At its pivot in March, Hubilo had round 30 staff, a determine that grew to 40 by the point it signed its time period sheet with Lightspeed in mid-August. Within the two months since, Hubilo has added one other 80 folks to its world headcount.
So, may this compelled pivot have been a blessing in disguise for Hubilo?
“Yes, we were able to achieve our two-year revenue target in six months,” Jain stated. “Though the revenue ramp-up has been exciting, what drives us the most is this opportunity to redefine and architect the marketing landscape that will emerge around virtual events and unlock massive value for key stakeholders, such as CMOs, event organizers, and sponsors.”
Hubilo options a number of instruments designed to copy real-world occasion eventualities, together with stay classes, breakout rooms, and digital exhibitor cubicles.
However the firm hopes to face out by using gamification, making occasions extra participating for attendees who could also be tuning in from their kitchen or storage. Its providing consists of stay polls and quick quizzes, in addition to a leaderboard to encourage competitors.
In accordance with Jain, the leaderboard is Hubilo’s most-used function. Attendees can achieve factors by finishing varied “engagement” actions throughout the platform, similar to watching a session, visiting a digital sales space, or messaging a fellow delegate. Attendees are given the principles upfront, and the most-engaged attendees can win goodie baggage.
“We have seen organizers giving away free memberships, MacBooks, iPhones, and other stuff as part of the gifts for top engaged people,” Jain stated.
What may probably make Hubilo and its variety indispensable for occasions organizers, entrepreneurs, and gross sales professionals is that it generates a wealth of measurable information in comparison with its offline counterpart.
“One of the holy grails in event marketing has been to track how attendees experience the event and what exact trigger leads to a preferred outcome, such as a sale, a media mention, a new connection made, and so on,” Lightspeed associate Hemant Mohapatra advised VentureBeat. “Just like how offline media spend was digitized over the web and social media, we believe that much of the event marketing, branding, and entertainment budget will be brought online in the next 10 years once people see how much more [powerfully] and easily the return-on-investment for these activities can be tracked, measured, and attributed online.”
Hubilo stated it has already attracted some notable names throughout a variety of industries. Shoppers embody the United Nations, Roche, Fortune, and Dubai-based shopper tech commerce present Gitex.
No less than three new digital occasion startups have come to fruition over the previous 12 months or so, together with Mountain View, California-based Run The World, which raised a $10.8 million series A round within the midst of the pandemic; London-based Hopin, which announced a $40 million series A round in June; and India’s Airmeet, which closed a $12 million series A round final month. Between them, they managed to draw among the greatest names within the VC world, together with Andreessen Horowitz, Founders Fund, Will Smith’s Dreamers Fund, IVP, Salesforce Ventures, Accel, Slack Fund, and Sequoia.
Digital occasions would possibly seem like a short lived response to lockdowns, however it’s clear that among the greatest movers and shakers within the know-how and funding sphere disagree. In accordance with Mohapatra, Lightspeed’s place as a world franchise places it ready to look at different markets, which performed a giant half in its choice to put money into Hubilo.
“Lightspeed had the unique advantage of being able to peek into the future by observing what was happening in China post-COVID-lockdown through our Lightspeed China team,” Mohapatra stated. “[It] seems that even after many lockdowns have lifted, over 70-80% of company occasions stayed on-line. Not solely that, as soon as corporations and organizers realized simply how handy and worthwhile on-line occasions are, many began to have much more occasions on-line or working each offline and on-line occasions in parallel — a brand new format referred to as ‘hybrid events.’”
Whereas it’s tough for occasion organizers to cost as a lot for on-line occasions as they do for his or her offline counterparts, there’s no ceiling on the variety of attendees for digital occasions, so any shortfalls will be recouped.
“This additional volume of attendees is far more important to organizers, due to sponsorship and brand opportunities rather than ticket sales,” Mohapatra added.
London-based VC agency Northzone has invested in Hubilo rival Hopin twice previously 12 months, each at its collection A spherical 4 months in the past and on the $6.5 million seed spherical announced in February. Though that seed spherical closed simply because the pandemic was taking maintain, Northzone common associate Paul Murphy advised VentureBeat that the deal was already just about concluded in November 2019.
“There has long been a need for a sustainable and efficient solution to attending events and — on a bigger scale — running a global workforce more flexibly,” Murphy stated. “A remote event solution not only presents obvious benefits from a time and carbon perspective, but it also democratizes access to the content and networking one receives from these events. For these reasons, Northzone is extremely bullish on this space and has been looking for a bet to make here for some time.”
As more companies commit to remote working, digital occasion platforms may also be leveraged to attach staff. Platforms like Hopin and Hubilo can be utilized for almost any digital meetup, and firms and buyers are waking as much as this actuality. Zoom recently launched an built-in platform for on-line lessons and occasions, whereas Los Angeles-based Wave secured $30 million in funding to assist artists stage stay live shows just about. And Tel Aviv-based Strigo raised $8 million for a platform that helps corporations ship software program coaching to their purchasers remotely.
“Hopin can be the answer for a distributed workforce that needs to plan a company offsite; the event organizer that needs to coordinate a conference with stages, workshops, and networking; or a subject matter expert that wants to generate revenue by hosting a high-quality, paid experience for those interested in learning,” Murphy stated. “Every organizer we spoke to while doing research in this space recognized the future was digital. So there is a very big prize for whoever wins.”
All of this implies digital occasions are here to stay. However that doesn’t imply bodily occasions gained’t return sooner or later. Earlier than this turbulent 12 months, the worldwide enterprise occasions trade was pegged at around $1.5 trillion, whereas latest figures from Grand View Analysis predict the digital occasions trade will develop from $78 billion to almost $780 billion over the subsequent decade. How these dollars might be cut up between the bodily and digital worlds 10 years from now isn’t clear. However Hubilo is making ready for a hybrid world the place information performs an integral half in bridging the offline and on-line divide.
“Virtual events are a new marketing stack wherein marketers will be able to engage their customers or audiences in a far more targeted way,” Jain stated. “We have seen the power it has added to organizations in terms of collecting intelligent data, which wasn’t possible in an offline engagement (e.g., who spoke to whom at an event leading to what outcome in sales or brand outreach, and so on). When the world returns to normality, we believe the online world will live alongside the offline. Hubilo will build integrations that allow event managers to collect the offline data, pair it with online engagement data, and see it within a single pane of glass to make the best marketing decisions using Hubilo.”
For Hubilo, one other problem in constructing a platform throughout lockdown was the truth that staff needed to get used to working just about too. “We built, sold, marketed, and supported the product remotely since we started working on the product,” Jain stated.
Hubilo now not has an official headquarters, as an alternative working remotely throughout the U.S. and India. However when restrictions begin to ease, the corporate plans to transition its formal HQ to San Francisco, the place it’s already making hires throughout management, design, and product departments. The corporate may also retain a big workforce in India, spanning engineering, assist, account administration, and gross sales.
Whereas Hubilo has for now elected to maintain its outdated title so as to reap the search engine optimization advantages, the corporate confirmed that it’s going to finally showcase its pivot by means of a complete rebrand, full with a brand new title.