In addition to the round raised, Eventbase announced the acquisition of LetsLynk to become the official app maker for major events
Eventbase Technology, the Canadian event technology platform, has raised $2 million in Series A funding from recently formed venture capital fund SXSW Tech. This funding round marks Eventbase’s first funding, and SXSW Tech’s first investment.
Almost all the official apps at events like SXSW, SAP Sapphire Now, Cannes Lions, Comic-Con, Lollapalooza, Sundance Film Festival, and the Vancouver, London and Sochi Olympic Games, are powered by Eventbase’s technology. In fact, Eventbase has been responsible for SXSW’s official mobile app for the last five years which is a huge feat when you consider that the conference hosts over 6,000 sessions.
All Eventbase-powered apps are white-labeled and include a range of interactive features such as customizable event schedules, social media integrations as well as networking tools. The apps are available on all iOS devices, Android, Windows Phone, Blackberry, as well as on the web.
In addition to this funding round, Eventbase has acquired LetsLynk, a UK-based trade show platform. LetsLynk’s solution streamlines visitor check-in, and provides a suite of tools and real-time data for event organizers to control and manage trade shows. While the details of this acquisition weren’t disclosed, it could have a significant impact on future trade shows. We may, for example, even see the technology being used at events like CES. As a result of the acquisition, LetsLynk Founder and CEO Jamie Vaughan, will act as Eventbase Managing Director in the London office.
What makes this funding noteworthy?
Since it was founded in 2009, Eventbase has been running as a profitable bootstrapped startup. Its revenues are expected to be as much as $4 million for this year, and are predicted to double by years end.
The funding from SXSW Tech will be used to improve the company’s offerings. This includes adding an iBeacon indoor location feature as well as improved analytics.
“Their [SXSW] financial backing and industry expertise will help us further accelerate the pace of our product development and global expansion. These funds will power our work in new technologies, including mobile transactions and advanced real-time analytics, to set a new standard for events,” explained Jeff Sinclair, Eventbase co-founder in a press release.
What makes this funding round noteworthy is not the sum raised. After all, one of Eventbase’s main competitors DoubleDutch recently raised $19 million in series D funding. It’s the investor that makes this significant. SXSW created their new venture capital fund, SXSW Tech, specifically with Eventbase in mind. SXSW have even said that while it isn’t impossible, they don’t foresee other investments in the near future. Backing from SXSW, one of the world’s biggest music, film, and interactive conference and festivals in the world, says loads about where Eventbase’s technology is headed.