Saas Platform Shakes Up Global Events Industry
By: Birgit Thümecke
When Marc Andreessen said that ‘software is eating the world’ six years ago, many of us would have been excused for thinking that the ‘future is now’ as Apple, Amazon and Facebook were already global behemoths at that stage. Fast-forward to today and it’s evident that his prescient statement was merely an introduction to the ever-increasing avalanche of technological disruption being wrought by the 4th industrial revolution. Gosh, even Airbnb and Uber were only in diapers back in 2011.
From FinTech and MarTech to LegalTech and HRTech, software as a service (SaaS) is revolutionising how we run a business, and for the past few years the events industry has been no exception with numerous Event Tech platforms springing up to solve market inefficiencies and add extra value to consumers’ lives.
There was a prominent void though – they were all focused on single aspects of the events industry or limited to specific geographies or event categories. There was still no central departure point with transparent benchmarks that allowed prospective clients to connect effortlessly and securely with event vendors across all geographies and verticals. In a nutshell, there was no Airbnb or TripAdvisor for the entire events industry. Quite scary when you take into account that 92% of us look at what other consumers have to say (and preferably on an impartial 3rd party platform) before making a purchase.
In 2013 serial entrepreneurs, Charlie Wright and Götz Thümecke, and business growth expert, Birgit Thümecke, decided to change the status quo and came up with the idea to build a digital superhighway to every aspect of the global events industry. Charlie’s award-winning background as the founder of a leading events business, now part of the global Arena group, Götz’s distinguished career in marketing and business development with some of Europe’s foremost consultancies, and Birgit’s twenty plus years experience in executive and operational management roles within the global airline industry created the perfect partnership to lead that vision to reality, together with a handpicked team of experts situated across the world.
Co-founder Charlie is fond of saying,
“We are after the bigger picture – we want to establish the gold standard in events.”
Their brainchild, Eventerprise.com, the global events platform, has now reached a major milestone in its evolution with a recent valuation of $20 million by San Francisco-based private investment group, US Capital Partners, as part of its Series A funding round.
By connecting those who want to organize an event, whether it is an intimate private party or a large corporate function, with rated and reviewed vendors of event services, products, and venues, Eventerprise aims to bring transparency and much-needed benchmarks to a fragmented industry.
As an umbrella platform that includes all other event tech platforms and even event associations under its vendors, Eventerprise follows a ‘glocal’ approach, i.e. an international presence that includes all event verticals, but with local relevance. This is made possible through powerful digitally optimized business profiles for each vendor, an automated request for proposal process for their clients, and an advanced search algorithm that makes finding the right event vendor in any location a walk in the park compared to outdated static directories and endless unverified online searches.
Series A funding follows four years of self- and seed-funded development of the early-stage SaaS platform that has seen it establish some remarkable competitive advantages, such as world-class technical development at a fraction of the costs in Silicon Valley and other major tech hubs. Seed investors include several international business leaders and event industry icons, such as Dr Rajen Kilachand, a well-known philanthropist and chairman of diversified multinational conglomerate, the Dodsal Group, and Greg Lawless, CEO of the Arena Group, an international turnkey event design and delivery business.
US Capital Partners will now pursue investments to a minimum of $5 million on Eventerprise’s behalf as part of its Series A funding round. The new funds will act as extended runway for Eventerprise’s expansion milestones and revenue targets over the next 15 months, which coincides with the platform’s launch in the US, the world’s largest events market. Major areas of increased expenditure will include sales and marketing campaigns, upstaffing, and ongoing product development.
Eventerprise’s current American focus follows its registration as a US company earlier in 2017 and the establishment of a San Francisco hub that will form part of its global hub-and-spoke company structure that includes Zurich, Munich, Dubai, Ahmedabad, and Cape Town. This highly cost-effective approach has allowed the company to procure the best possible talent worldwide, in addition to a very successful internship program that fast-tracks the digital and entrepreneurial skills of talented students and postgraduates from top universities around the world.
Co-founder and CEO, Götz Thümecke, was at pains to point out why the partnership with US Capital Partners is of such great importance, “As a respected American investment firm, US Capital Partners was able to conduct a rigorous due diligence process to the highest standards found in Silicon Valley and other notable investment hubs. The Eventerprise team is tremendously proud that the platform and its growth plan have passed their stringent requirements for the funding round with flying colors. We are very excited at the prospect of introducing American consumers and event businesses to Eventerprise so that they can organize stress-free events and grow their businesses faster and further than before.”
It looks like global events in general and the American event market in particular are in for a major shake-up if the Eventerprise team continue to deliver on their promise to make the events industry more transparent and easier to negotiate. To mangle the Andreessen quote – software may be eating the world, but Eventerprise is busy serving up a tasty dish to the world of events.
Learn more about this funding round
Are you trying to organize an event? Eventerprise has got you covered.
Trying to grow your event business? Eventerprise has got you covered as well.