Despite the shadow of the coronavirus outbreak threatening to put the brakes on many public gatherings, the fact that some venture capital firms are still willing to bet on a brighter future is proving to be good news Banzai, a Seattle-based provider of event-marketing automation software that has just raised $7 million in equity financing via an early-stage funding round.
Banzai’s software is used by companies such as Dell, Google, Microsoft and Oracle to streamline registration and amplify marketing to bolster attendance for events and conferences. The company says its event-marketing software generated some 30,000 event and conference registrations worldwide in 2019 and supported some 1,400 unique customer events.
“Events are the single-largest marketing expense for companies today, with half a trillion dollars spent each year,” says Banzai Chief Executive Officer Joe Davy. “There has been almost no innovation in the event-marketing automation category. Professionals want to be reached through powerful experiences, and companies will need to adopt new solutions to reach their customers.”
The fundraising round for the 70-employee Banzai, founded in 2017, was led by DNX Ventures, with participation from Vulcan Capital. The investment capital will be used to expand employment as well as product and service offerings, the company says.