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Event Management Technology Company Attendease Raises $1 Million Investment Facility From TIMIA Capital
Wednesday, September 30, 2020
Vancouver, BC, September 30, 2020--(T-Net)--TIMIA Capital has announced a $1 million investment facility for Attendease, a Vancouver BC-based event management technology company.
Attendease provides event teams with event management software that serves as a foundation for all event planning and execution tasks. The Attendease platform is tailored to corporate event teams of all sizes, centralized or dispersed. It helps teams plan, manage, and execute any corporate event — regardless of whether it is big or small, online or in-person.
Established in 2004, Attendease began its journey working closely with corporate events teams to build solutions to fit their unique needs. The company evolved from being a services business to become a full recurring revenue SaaS business. Today, Attendease boasts customers like Adobe, Autodesk, SXSX, Mattel, and NBC.
"Growing a SaaS business is really tough," said Todd Heinz, CEO of Attendease. "If you're doing it right, getting to $2 million in annual recurring revenue (ARR) should take a lot less time than getting to the first $1 million in ARR."
The subscription side of Attendease's business has grown between 50% and 100% annually for the past four years and is continuing to see strong growth in monthly recurring revenue (MRR).
"Our platform has a lot of automation and other functionality to make life easier for event organizers, removing any friction or unnecessary steps," said Todd. "It's easy to clone events, create event series, and manage everything — from the registration, websites, email communications, session scheduling, etc. — all within the Attendease platform."
As most events moved online during the COVID-19 pandemic, Attendease supported its customers in their switch to digital events.
The Attendease platform always had the ability to integrate with web-based video tools like Zoom and WebEx. However, Attendease is preparing to launch major new virtual event capabilities in the platform that tie together the core event management and event delivery functionality.
"Customers want an integrated experience versus using disparate systems and we've always prided ourselves on creating customer-driven products," said Todd.
TIMIA's investment will help Attendease accelerate the sales and marketing efforts for this new complete platform offering.
There is a perception that the event management space is crowded. There are a lot of players in subcategories like attendee experience management, beacon technology, and so on. However, there are just a handful of platform players in the space.
"We've had to become incredibly capital-efficient to get to a point of profitability — partly out of necessity, but also out of preference. But that's something I'm really proud of. We've gotten to where we are today with minimal outside money. Now we're on a really good trajectory, we're profitable, and we're ready to move to the next stage of growth.The learnings we took from being capital efficient sets us up for success in the long term."
Attendease said in the blog post that non-dilutive financing from TIMIA made more sense than venture capital.
"Venture funding doesn't guarantee success. For Attendease, the addition of smaller, non-dilutive capital injections as we grow organically makes sense and keeps everyone's expectations in check," said Todd. "This approach allows us to continue on our strong growth path, add capital incrementally, and ultimately still win in the long run."
About Attendease
Attendease is an award-winning all-in-one event management platform for corporate event teams. Built to enable a repeatable, scalable event planning and execution process. A modern, feature-rich event management software that enables the management of an entire range of events of all types and sizes. Finally, consolidate around one event automation solution for all your events. Attendease is a great fit for event marketers with a portfolio of events, corporate event teams looking for time and resource optimization and enterprises with multiple business units and decentralized event teams. For more information, visit www.attendease.com. see less