Bevy Raises $40M in Series C Funding; Valued at $325M

bevy 40m 325m

Bevy 40m 325m, a Palo Alto, California-based corporate platform for virtual, hybrid, and in-person events, received $40 million in Series C funding, amounting to $325 million.

Along with Ryan Smith, co-founder of Qualtrics, Accel, LinkedIn, Upfront Ventures, and more than 25 others, backers included James Lowry, a renowned pioneer in diversity and inclusion (D&I), current Facebook board member Peggy Alford, EVP at PayPal, and Omar Johnson, a former Beats by Dre CMO.

Since its founding in 2017, the company has raised $60M; it plans to use the money to expand its staff from 100 to 250 workers by 2021.

The team behind Startup Grind founded Bevy in 2017 with the express objective of assisting businesses in the development, expansion, and scaling of their worldwide customer communities. Derek Andersen, Joel Fernandes, and Alex Bendig founded Bevy. The business bought CMX in 2019, a sizable local professional association that provides networking, training, and educational opportunities. In order to meet the needs of community and event marketing professionals, Bevy launched the Bevy Virtual Community and the Bevy Virtual Conference platform in 2020. These platforms help CMOs, community marketing teams, field marketing teams, and corporate event teams rebuild their marketing strategies in a post-pandemic world by delivering business results.

The company’s crew is dispersed across 10 nations on 4 continents and works entirely remotely. Through a network of globally connected events, Bevy enables enterprise brands to hold sizable virtual conferences and events and scale their global community events. By the end of 2021, the company expects to have $30M in ARR, a 15x increase over 2019.

Brands like Google, Snowflake, Facebook, HubSpot, Adobe, Salesforce, Slack, Twitch, Atlassian, Zendesk, Twilio, and others use Bevy to run their business event communities. The organisation assisted 125 new and established enterprise brands in 2020 as they transitioned from physical communities to virtual and hybrid events. To conduct more than 100,000 events across 120 countries, 30,000 corporate event planners and enterprise community leaders used a collaborative approach, enabling them to meet their critical business growth criteria.