Mobile event technology and event performance company DoubleDutch is to push ahead with expansion plans following the announcement it has secured $45m (£28.8m) in growth financing led by KKR and existing investors Bessemer Venture Partners, Index Ventures.
The company cites global expansion, sales and marketing, and acquisitions as primary strategy targets.
“We are thrilled to team up with KKR to tackle this next stage of growth,” said DoubleDutch CEO Lawrence Coburn.
“The $565bn spent annually on events and conferences – the biggest marketing spend in the world – is running blind. We believe that DoubleDutch can help.”
“It’s an exciting time to be in software,” said DoubleDutch CTO Nicholas Clark. “For the first time, we have the ability to instrument the physical world like we would a website, a phenomenon that has the potential to completely reinvent how events and conferences are run, managed, and measured. Marketers no longer need to run blind when it comes to events.”
DoubleDutch has more than 1,000 customers and now employs more than 260 people globally, in San Francisco, Amsterdam, London, Hong Kong and Portland.
“We are growing well north of 100% year over year, and see no signs of things slowing down,” said Pankaj Prasad, DoubleDutch’s co-founder and global head of sales. “Our product is being adopted all over the world by events of all sizes, and in any industry, in order to measure their success.”
To date, the company has sold primarily to event organisers and planners, but has plans to help deliver more ROI to the event industry’s sponsors and exhibitors, in the process unlocking new revenue streams for organisers.
The software opportunity for the category is broader than just digitising the event programme, the company believes.
“DoubleDutch is designing for the next stage of social as well as data to drive smarter decision making for marketers,” said Annie Tsai, chief customer officer at DoubleDutch. “The future of event tech is marketing driven innovation, not logistics, and I think our customers appreciate this.”
“As more companies look for reliable data to measure the success of their marketing programs, DoubleDutch provides the perfect platform to inform their strategy and decisions,” said Ted Oberwager of KKR. “We look forward to working with the team to help grow the business.”