We’re thrilled to announce that we have secured $19M in new financing, bringing the grand total money raised to $37.5M. Mithril Capital Management is our newest investor and led the Series D round. Mithril focuses on long-term investments in durable companies positioned to dominate an industry. They invest in less than 1% of the companies they speak with, and… they chose DoubleDutch.
Here’s what our CEO, Lawrence Coburn, has to say about the announcement:
“More than three years into our journey, we continue to see signs that the market for data driven event technology is massive, underserved, and ripe for a winner-take-all outcome,” said Lawrence. “In Mithril, we have found a partner that matches our ambition and outlook. Our mutual goal is to build a durable, independent company that redefines the category."
With the more money in the bank, that means we can focus on two things: growth and innovation.
We will continue to push the envelope on the product side and hire remarkable people.
We will continue to give event professionals and marketers game-changing products…before they need them.
We will continue to push the industry away from one that relies heavily on paper, to one that is supercharged by mobile and driven by data.
We will continue to plow forward, creating elegant solutions to business problems.
Ajay Royan, Co-founder and Managing General Partner of Mithril, is the newest member of our board, and has this to say about the investment:
“Conferences compress 90 days of interactions into 72 hours, but unfortunately few of these connections survive re-entry into daily life,” said Ajay. “While legacy event companies focus on registration or logistics, DoubleDutch’s platform uniquely preserves relationships that foster powerful, sustainable, long-term advantages. They are already working with some of the largest event organizers around the world, and this new investment will allow DoubleDutch to focus on identifying and pursuing enormous new opportunities.”
We’ve already powered thousands of events, and we aim to expand our global presence further so that event and marketing professionals around the world are able to take advantage of this game-changing technology. To that end, we will continue to invest in product development and the people behind the product.
For those that think event, conferences and trade shows are not worth discussing, listen to the numbers. More than $500 billion is spent on events and conferences each year 1. Laura Ramos, an analyst for Forrester Research, provides proof that the industry isn’t going anywhere:
"Trade shows still constitute the biggest line item on a B2B marketers budget, with nearly 20% of [the typical CMO budget] spend committed to live events," said Laura 2. “B2B business relationships are built on trust and personal interaction. For this reason, marketers will never be able to banish trade shows from the marketing budget.” 3
DoubleDutch is the fastest growing event technology company in the world, and this round of financing ensures that will continue. Thanks to Mithril and all our other investors for believing in our team and product.
Onward and upward!
1 July 2013 Frost & Sullivan report entitled “A Survey of Meeting and Event Planning Professionals and Hotel Operators”
2 January 21, 2014 AdAge article entitled “B2B Marketing Budgets Set To Rise 6% in 2014: Forrester”
3 January 21, 2014 Forrester Research report entitled “Focus B2B Marketing Budget Gains On Business Outcomes To Succeed In 2014”