Virtual and hybrid-event offering startup Zuddl has raised $13.35 Mn in a Series A funding round led by Alpha Wave Incubation (AWI). GrowX and Waveform Ventures also participated in the round.
The startup will use the freshly-raised funds to accelerate product development and scale globally with a focus on the United States market.
Founded in 2020 by Bharath Varma and Vedha Sayyaparaju, Zuddl offers an all-in-one platform for virtual events. It claims to serve clients including Kellogg’s, Microsoft, Dicks Sporting Goods, BYJU’s, Grant Thornton and NASSCOM amongst others.
Zuddl’s platform allows a high level of event customisation and various attendee engagement methods. Users can customise every detail of their event quickly by themselves and use interest-driven networking and gamification to drive attendee engagement.
“Zuddl, through its hybrid-first model, is tackling a unique set of problems for enterprise events – that of bringing customizability, control and engagement to virtual and hybrid events, without making it complicated for the event organizers,” said Anirudh Singh, managing director at Alpha Wave Incubation.
“What works to Zuddl’s advantage is the fact that they are from the events industry and understand the ground realities too well,” added Singh.
The global virtual event platform market size is projected to grow at a CAGR of 12.7% from $10.4 Bn in 2021 to $18.9 Bn in 2026. The growing adoption of digital marketing platforms to increase audience base, rise in popularity of online streaming, and transitioning to remote work scenarios are expected to drive this growth.
Besides that, businesses hosting their events online has also been contributing to the growth trajectory of startups like Zuddl.
“Zuddl’s growth can be attributed to enterprises’ need for greater customizability and control for their virtual and hybrid events. Most of our customers are global companies with remote teams, who have complex use cases that we help solve easily, all the while being on-brand,” said Bharath Varma, cofounder and CEO of Zuddl.
According to Varma, attendee engagement is a critical pillar of any event, which is why Zuddly aims to solve engagement and event ROI (return on investment).
Earlier last year, event tech platform Hubilo had raised $125 Mn in a Series B funding round led by Alkeon Capital. Existing investors Lightspeed Venture Partners and Balderton Capital also participated in the round.