Eventtus, a MENA events platform recently raised $2m led by Algebra Ventures and 500 Startups to allow Eventtus to accelerate its expansion in the Middle East and introduce new products to also compete on a global scale.
“This round comes at a time when we believe that the Eventtus platform is ready to fulfill that role in the events market. This round has the strategic value of enhancing our capacity to work with global companies organizing major events in the MENA region as well as making Eventtus the main platform and event app provider for regional event organizers.“ said Mai Medhat, CEO of Eventtus.
The latest raise brings the total capital raised by the company to $2.65m in less than 2 years. Previous investors include Raed Ventures and MEVP. The investment is among the top 10 investments that have been in the MENA region in the past 6 months.
Eventtus aims to develop new platform features for optimizing the outcomes of all event stakeholders. New features range from making the lead generation process more efficient for exhibitors to diversifying the revenue generation options for organizers.
The firm is also on course to launch its’ new AI module that will enable participants to identify the best people to connect to at each event based on a machine learning algorithm that understands their business goals better and better with each interaction.
“Our investment in Eventtus is premised on the technological disruption that is happening globally in the world of events,” said Ziad Mokhtar, Managing Partner of Algebra Ventures. He added, “it is also premised on the great product that Eventtus has built and the customers they have managed to attract. The region’s events and conferences industry has grown significantly over the past years with revenues today exceeding $5 billion. With its deep understanding of the needs of event organizers and event goers, Eventtus is well positioned to play a leading role in transforming this industry.”
Eventtus has been working on technologies such as social media integration, personalization or real-time intelligence, and has seen an impact in the engagement rates of attendees and an increase in the longevity of event series. In this context, features such as the customized event agenda, the event sharing feed or the real-time polls that Eventtus launched in the past 18 months have proven to be an anticipation of the attendees’ and organizers’ newly-discovered expectations.
Thus, events served by Eventtus have seen an increase in the engagement rate of attendees of up to 91%.
This is the fourth investment made this year by Algebra Ventures – a VC fund backed by CISCO, EBRD, and IFC.
“500 Startups is proud to invest in such a great team, led by Mai Medhat and Nihal Fares. We look forward to supporting them as they aim to disrupt the events-related technology space and improve overall conference experience in the region and beyond. With the MENA region becoming a major hub for global launches and events, the opportunity in this space is significant. We look forward to welcoming Eventtus to the global 500 Startups family”, said Hassan Haider, Partner at 500 Startups.