Hopin

Hopin is an online platform for virtual and hybrid events. As of March 2021, over 90,000 organizers utilize the platform to host events. The company acquired mobile application Topi for an undisclosed amount in December 2020 and StreamYard for USD 250 million in January 2021 while adding 3.6 million video creators to its platform. Hopin announced the hiring of former Amazon executive Wei Gao as its first Chief Operating Officer in August 2021. Gao brings over 16 years of experience at Amazon where she most recently led its grocery tech, product, and supply chain as Vice President. Prior to that, she was Jeff Bezos’ technical advisor from July 2018 to January 2020. As of August 2021, it serves over 100,000 customers and reports more than USD 100 million in annual recurring revenue.

In March 2021, the virtual events platform, announced that it acquired video hosting provider “Streamable'' and audio and video technology company “Jamm.” The terms of the deals were not disclosed. The acquisitions helped Hopin in creating a better video experience as the technology from Jamm was fully incorporated into Hopin’s platform and Streamable, although it will operate as a standalone product. The two acquisitions also served as a base for product development with assistance from Badri Rajasekar (founder, Jamm) and Armen Petrosian (CEO, Streamable).

In February 2022, Hopin reportedly laid off 138 employees (12% of employees) to reorganize operations, following its prior acquisitions and growth, and further laid off 242 employees (29% of employees) who primarily supported its events business in July 2022 . The company cited adverse macroeconomic conditions at the time as the reason for the layoffs. Hopin has previously taken preventive measures as well by freezing hiring and reducing marketing spending. External sources speculate that the layoffs may have been due to the company overestimating the demand for its products in the post-pandemic market.

Funding and financials

Hopin raised USD 450 million in a Series D funding round co-led by Arena Holdings and Altimeter Capital in August 2021. The round also included new investors Adams Street Partners and Untitled Investments, and existing investors Andreessen Horowitz, DFJ Growth, and General Catalyst. The round values the start-up at USD 7.75 billion. The fresh funds are expected to be funneled toward platform development, which includes the introduction of new product suites related to collaboration and digital marketing, and to scale the platform by accelerating growth.