Egyptian startup Eventtus is showing early signs that nothing would probably remain the same again after the COVID-19 pandemic. Frustrated by the lockdown brought about by the coronavirus, the startup has secured an undisclosed amount of funding to enable it to launch a digital events platform.
“When events were cancelled and postponed due to the COVID-19 outbreak, and event planners started being concerned about the industry, we took the responsibility to do our thorough research and come up with a new, exclusive product that facilitates and evolves the future of events,” said co-founder Mai Medhat in a blog post.
Here Is All You Need To Know
- This undisclosed round of investment was from Hala Ventures, Algebra Ventures and DAAL VC.
- Medhat said the startup will be using the funding for further development and innovation in a bid to sustain the industry. The product is expected to be ready in a few weeks.
- In 2017, the startup successfully closed a US$2 million funding round led by Algebra Ventures and 500 Startups.
“We realised that while people are resorting to live streaming on different platforms such as Facebook and Zoom to host sessions and webinars, event planners and attendees will still need the other essential components of an event experience that a simple live video does not completely fulfill. New types and formats of events will emerge to meet the different needs. Our research and development led us to reimagine the whole event experience and aim to revamp the whole industry,” Medhat noted in the blog post.
Why The Investors Invested
The fact that previous investor in the startup, Algebra Ventures, participated in this round of investment is a confirmation of the fact that the startup might be on the right track.
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“What Eventtus has built over the last few years provides a solid foundation that will allow them to reinvent conferences and exhibitions. The team’s track record of creating innovative experiences makes us confident they can succeed in that,” said Ziad Mokhtar, general partner at Algebra Ventures.
“During crises, there are companies who blame the market for their own failures and those who use the market’s failure to make their own success. We believe that Eventtus belongs to the latter and thus we decided to invest in them during such a critical crisis,” said Ali Abussaud, founder and managing partner at Hala Ventures.
A Look At What Startup Eventtus Does
Founded in 2012 by Mai Medhat and Nihal Fares, Eventtus is an-all-in-one platform for events ticketing, event management and apps for events.
The startup creates interactive event apps that allow organisers to engage attendees by enabling them to customise their event schedule through an interactive agenda as well as offering them instant updates through a social media feed and opportunities to network with other attendees.
Physical events across the world have been cancelled until further notice as a result of the COVID-19 pandemic, prompting Eventtus to start developing a virtual eventing platform to assist event organisers adjust to the situation.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer