Read the official announcement, or see what the press had to say about the news:
Today, we are very happy to announce that we have raised a whopping $10 million in cash from Silicon Valley's leading investors. Bessemer Venture Partners, the newest of DoubleDutch investors, have previously invested in companies like Yelp, LinkedIn, Gartner, Pinterest, Wix, and Box, to name a few.
Now, they have chosen to invest their valuable dollars in DoubleDutch.
Byron Deeter, one of the valley's most prominent investors and a leader in SaaS economics, joins our Board of Directors. He joins other prominent board members, including Mike Maples Jr. of Floodgate and an investor in Twitter, BranchOut, Clearslide, Lyft, and Playdom, among others.
Founded in January 2011, we have now raised a total of $18.5 million in funding. We have grown 40% quarter-over-quarter and have pioneered the category.
With these new funds we aren't planning on getting fancy new offices, or showering in $100 dollar bills.
Instead, we plan on focusing on a few things:
1. GROW THE TEAM & PRODUCT LINE. Continue to build the world's best event app. We've made lots of progress and we have an aggressive product roadmap. We need to hire more people to help make this happen with speed and precision. Our data-driven products (like badge scanning, etc) for exhibitors and organizers, are important to our business and there's so much opportunity to grow.
2. EXPAND INTO CHINA. This year we opened our office in Amsterdam, and now we are looking at Hong Kong. We already have servers set up there, but need to get some full-time DoubleDutchers on the ground to support all our customers and events on that side of the world.
3. TRANSITION TO A SAAS MODEL. By moving the business fully to a Software-as-a-Service (SaaS) model, we plan to ease the pain on customers and build a model that is both sustainable and scalable.
“Marketers have a massive opportunity to gain insight by digitizing the event experience, and DoubleDutch has the best product to capture and analyze this data. We expect nearly all events to offer branded applications in the near future and believe that DoubleDutch will lead the way.”
—Byron Deeter, partner at Bessemer Venture Partners
OFFICIAL PRESS RELEASE
Mobile Event Technology Company Doubles Down on Data
DoubleDutch, the leading provider of data-driven mobile event applications, today announced it has raised $10 million in Series C funding led by Bessemer Venture Partners with participation from existing investors FLOODGATE Fund, Bullpen Capital and others. The company has raised a total of $18.5 million in funding to date. With 40 percent quarter-over-quarter growth and nearly 500,000 event participants using their product, DoubleDutch has established itself as the fastest growing event app company in the category. DoubleDutch plans to use the investment to accelerate its international expansion, grow its new line of data-driven products for exhibitors and organizers, and transition the business fully to a Software-as-a-Service (SaaS) model.
In addition, Byron Deeter, partner at Bessemer Venture Partners, will join the DoubleDutch Board of Directors, contributing his expertise in cloud computing and mobile software. “Marketers have a massive opportunity to gain insight by digitizing the event experience, and DoubleDutch has the best product to capture and analyze this data,” said Byron Deeter, partner at Bessemer Venture Partners. “We expect nearly all events to offer branded applications in the near future and believe that DoubleDutch will lead the way.” “BVP has a long track record of successful investments in category leading SaaS companies, and their support validates DoubleDutch’s mission,” said Lawrence Coburn, co-founder and CEO of DoubleDutch. “We believe we can dominate this portion of the mobile enterprise.”
DoubleDutch’s event app focuses on engaging event participants through a native, social interface and then analyzes this interaction to benefit organizers and exhibitors. Using the app, event attendees can easily comment, check-in to and like agenda items, choose to push posts to external social networks, and connect with fellow attendees. By capturing all of this in-app data, DoubleDutch can surface leads for exhibitors and deliver additional Return On Investment for event organizers and attendees. Additionally, event marketers can easily update content, view aggregated attendee data, and push out notifications in real-time through DoubleDutch’s web-based management platform.
“DoubleDutch’s growth over the last year has been astounding, and it demonstrates just how powerful their application is,” said Mike Maples Jr., managing partner of FLOODGATE. “Lawrence and his team have the expertise, knowledge and drive to take advantage of the enormous market for event software.” Founded in 2011, DoubleDutch has powered apps for tradeshows, internal meetings and association events for the world’s leading companies including American Express, Cisco, Price Waterhouse Coopers and SAP.
Currently at 60 employees, the company plans to expand its Amsterdam office and establish a new office in Hong Kong this year. To learn more about DoubleDutch technology for tradeshows, meetings and conferences, visit www.doubledutch.me.
DoubleDutch offers the most innovative, engaging mobile conference application in the events industry. DoubleDutch Events is designed for companies to thrill conference attendees, surface leads for exhibitors, and host engaging, data-driven events with advanced mobile technology. Companies like American Express, Cisco, Price Waterhouse Coopers and SAP are using DoubleDutch at meetings and conferences worldwide. Get a branded mobile app to engage event attendees today. Learn more at http://doubledutch.me/ or follow us on Twitter @doubledutch.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) invests in early-stage, hyper-growth startups, partnering closely with entrepreneurs to build durable businesses. BVP is a global firm with offices in Menlo Park, Cambridge, New York, Mumbai, Bangalore, Herzliya and Sao Paolo. With $4 billion under management, BVP invests anywhere from $100,000 to $75 million in innovative companies like LinkedIn, Yelp, Skype, CornerstoneOnDemand, Pinterest, Box and Twilio. Over 100 BVP companies have gone public - last year alone BVP had 5 IPOs, 7 M&A exits, and 20 new investments. Learn more at bvp.com and twitter.com/BessemerVP.
Jen Hawkins, DoubleDutch
Diana Smith, TriplePoint for DoubleDutch