EventBank, an Event and Membership Management SaaS platform, announced Tuesday that it has raised its Series B funding in a bid to help boost the company’s continued global expansion in emerging and developing markets. GSR Ventures, a key investor of startup giants Didi and Ele.me, led the funding round.
EventBank’s rapid growth into emerging markets will help more organizations “go digital”, and with the new round of funding, the Company will continue R&D investments that ensure customers will continue to bring their communities closer together. Following current trends, the MICE industry is expected to reach over $1,439.3 Billion by 2025 thanks to event-tech.
Allen Zhu, Managing Director of GSR Ventures, will also join the board of EventBank.
Founded in 2013, Eric L. Schmidt and Olivia Jingshu Ji created EventBank out of the frustration that many event and organization managers face when dealing with events and campaigns where data is often siloed and easily corrupted, lost, or confusing. The core product, the EventBank platform, combines a CRM with event management, membership management, email marketing, mobile apps, and more, into an all-in-one cloud platform that consolidates data and improves engagement.
Schmidt says, “EventBank has learned a lot working with our customers across the world to have a product that is easy to use and deploy. Beyond North America, EventBank has a unique understanding, in-depth insights, and operational capabilities in the markets of Asia Pacific, China, Africa, Russia, etc., where there is a big opportunity to digitize events and entire organizations.”
EventBank’s winning formula has made an impact in the APAC region, where phases of the product have rolled out early in the company’s history and continuously improved upon over time. In the past 3 years, EventBank has expanded operations across the globe. The company is also opening a new office in India later this month. Facebook, Daimler and KPMG are clients of EventBank, and other multinational brands are eager to see the platform come to their markets with increased localized support.
Zhu says that, “EventBank has elite international teams across it’s organization. Therefore, many international enterprises become its paid clients so rapidly within just one year after its entering new markets. It’s quite smart for EventBank to put the Event Marketing Cloud and Membership Management Cloud as its entry point. The four advantages are clear; international teams, innovative products, high-quality global clients, and the integration between SaaS and payments under different scenarios. EventBank is one of the few startup companies that has the qualification to be successful in global markets. I am confident that EventBank can become an influential unicorn in the SaaS industry.”
Olivia comments that, “We are very appreciative for this round of funding led by GSR Ventures. With the rapid increase of clients, we still need to continue to put a lot of effort into product innovation, customer success and other areas of our operations, with the goal of striving to provide our clients with the best product.”
The new injection also is a bid to expand regional EventBank offices and upgrade them from sales offices to full support teams for their respective markets including customer success staff, local currency payment processing, and other services.