Vendelux, an AI-powered event intelligence platform, has secured a $14 million Series A investment to fuel its expansion in the B2B event marketing industry. The company, founded by former Shutterstock executives Alex Reynolds and Stefan Deeran, aims to assist event marketers and CMOs in making informed decisions about which events to attend or sponsor. Vendelux leverages artificial intelligence and predictive modeling to provide comprehensive data on over 160,000 global events, tradeshows, and conferences.
Key Takeaway
Vendelux, an AI-powered event intelligence platform, has secured
4 million in Series A funding to drive growth in the B2B event marketing space. As in-person events make a comeback, Vendelux’s comprehensive data and predictive modeling capabilities enable event marketers to make informed decisions about which events to attend or sponsor. The company’s customer base and annual recurring revenue have tripled over the past year, signaling the increased importance of events in generating business opportunities and building customer relationships.
Events Make a Comeback
With the resurgence of in-person events following the pandemic, Vendelux’s platform has seen tremendous growth. The company’s prediction that events would come back stronger than ever has now proven true, with events surpassing pre-pandemic levels in terms of attendance and significance. Marketers have realized the value of face-to-face interaction and the opportunities it presents for forging new business deals and nurturing existing customer relationships.
The Shift Towards Event Marketing
As other marketing channels face challenges, such as privacy concerns impacting performance marketing and travel restrictions hindering face-to-face meetings, event marketing has emerged as a primary avenue for connecting with clients and prospects. Marketers are redirecting their budgets into the event space, recognizing its potential for generating high returns on investment.
Product Enhancements and Customer Growth
Following its previous funding round, Vendelux focused on refining its offerings and improving the effectiveness of its matchmaking capabilities. The company also developed a collaborative digital planner integrated with customer relationship management tools to streamline event planning for marketers. These efforts resulted in a doubling of Vendelux’s customer base and a tripled annual recurring revenue over the past year. Notably, Vendelux’s clientele includes prominent enterprises like PayPal, MongoDB, Okta, and T-Mobile, in addition to over 5,000 event marketers utilizing the free version of its software.
Expanding Global Presence and Team
Buoyed by the growing demand from both marketers and event organizers, Vendelux plans to utilize the new funding to expand its team and global reach. The company aims to establish a London-based team to cater to enterprises across Europe, the Middle East, and Asia. With the goal of providing end-to-end support for event marketers, Vendelux intends to assist customers in not just identifying their target audience but also facilitating meetings, email campaigns, and roundtable discussions, while offering integrations with various tools to track the value of the event marketing channel.
