Event technology continues to make investment waves
By: Birgit Thümecke
Event technology is clearly an ongoing investment trend with investment in both big and small event tech companies continuing unabated.
That should be no surprise since technology has become part of every aspect of our daily lives. For most of us the mere thought of spending a day without technology is enough to make us have a meltdown. Imagine an event without any of the technology that we have become accustomed to – bland and boring.
Each year over 10 million events and meetings are held, with over $565 billion spent on formal events. Large events like the Olympics and the Super Bowl can trigger massive infrastructural improvements in cities.
In February of this year, Lady Gaga put on the most expensive Super Bowl halftime show to date, estimated to cost $10 million. If you were wondering how the lights that illuminated the pop star’s performance were created, the answer is simple, drones. Three hundred of Intel’s Shooting Star drones were used to flash, flock, and fall in unison to create a beautiful halftime show. All controlled by one person and a computer.
These days ignoring event tech will probably result in a less than successful event, because as an event supplier, engaging and interacting with your audience should be your main goal. Without participation and engagement, you are doomed to fail, and event tech allows event professionals to do exactly that. By using event tech to engage and interact with your audience you can improve the outcome of your event and your return on investment. Which is why investors have seen the benefits of investing in this sector.
Smaller event tech companies are attracting investors too
A UK event tech company, Revl, is an event listing platform that has recently closed a £2.4 million seed fund from private investors. Revl is an app that gives UK users the chance to discover what is going on around them – from big concerts to a simple quiz night at the pub down the road.
The company has collaborated with big names like The O2, Wembley Stadium, British Museum, National History Museum, National Gallery, V&A, and over 130 000 events on its platform at more than 40 000 venues across the UK. The company released a feature called REV PLAYlists that allows users to follow their favourite venues, teams, artists, performers, and explore curated recommendations. With a live news feed, users can stay up-to-date with the latest event announcements and compare ticket prices.
The big event tech deals are still happening
One of the leading middle-market private equity firms in America, HGGC, has recently acquired cloud event management software company, etouches in a private deal. The state of the art platform that etouches has developed brings together several spheres of the event industry – from hotel and venue sourcing to ROI solutions. The platform provides data and analytics that help event suppliers with real-time insights, customer engagement, and smart solutions. With over 1300 global customers including Lufthansa, Dell, IKEA, and Volkswagen/Audi, etouches has definitely made their mark on the event tech world.
Event management has become a serious business expense making up nearly 25% of B2B marketing budgets according to HGGC. It is therefore no surprise that a broad event management solution like etouches executed 46 000 events totalling 5.8 million registrations just over the past year alone.
One platform that covers all event suppliers including event tech companies
The digital transformation that is sweeping through the event industry is leaving many event businesses at risk. That’s why Eventerprise has given event suppliers and vendors a way to reach their customers through a transparent third-party platform. Not only that, Eventerprise covers all types of event suppliers from small caterers to large event tech companies like etouches, making it a true umbrella for the global events industry.
As a SaaS subscription platform, we understand the need for event tech in the event industry. It is our forward thinking, tech orientated team’s job to stay ahead of the curve and provide our hosts and suppliers with the most relevant information about the latest event tech suppliers.
Find out more about our unique investment opportunities.