Eventtus, an-all-in-one platform for events ticketing, event management and apps for events, secured $2 million in a new investment round led by Algebra Ventures and 500 Startups.
With previous investors including Raed Ventures and MEVP, this brings the total capital raised by the company to $2.65 million in less than two years.
The investment is among the top 10 investments that have been in the MENA region in the past six months and reflects the growth of the events industry in the region and its scope to increase efficiency by embracing more technology and enhancing the event experience for participants.
The new funding round enables Eventtus to forge ahead with its regional expansion and introduce new products that can compete on a global level.
The app's new platform has features that range from making the lead generation process more efficient for exhibitors, to diversifying the revenue generation options for organisers.
Eventtus is also well underway to launching its new AI module that will enable participants to identify the best people to connect to at each event based, on a machine learning algorithm that learns more about their business goals with each interaction.
This is the fourth investment made this year by Algebra Ventures - a VC fund backed by CISCO, EBRD, and IFC.
Ziad Mokhtar, managing partner of Algebra Ventures said of the investment: “The region’s events and conferences industry has grown significantly over the past years with revenues today exceeding $5 billion. With its deep understanding of the needs of event organisers and event goers, Eventtus is well positioned to play a leading role in transforming this industry.”
Eventtus has been working on technologies such as social media integration, personalisation or real-time intelligence, and say they have seen an impact in the engagement rates of attendees of up to 91% and an increase in the longevity of event series.
“This round comes at a time when we believe that the Eventtus platform is ready to fulfil a role in the events market. This round has the strategic value of enhancing our capacity to work with global companies organising major events in the MENA region as well as making Eventtus the main platform and event app provider for regional event organisers.“ said Mai Medhat, CEO of Eventtus.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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