An Orlando-based startup determined to make hybrid events easier to host on Aug. 27 hauled in its biggest investment round yet.
This will help ViewStub LLC launch an app, co-founder and CEO Spencer Elliott told Orlando Inno. The round was led by Cary, North Carolina-based Cofounders Capital Management LLC, the companies announced Sept. 7. The companies did not disclose the value of the investment and no documents have been filed with the U.S. Securities and Exchange Commission.
ViewStub's software helps event organizers easily host virtual events or add a virtual component to a live event. Without ViewStub, event organizers are forced to use multiple software products to effectively run a virtual or hybrid event, said Cofounders Capital Partner Tim McLoughlin. "ViewStub is an end-to-end, turnkey solution for these organizers that will save them significant time and cost, while also adding features to help drive revenue and reach.”
Investment deals are important for startups because they can help fund a company's growth. Plus, investors can provide companies with crucial business connections and industry knowledge. In the case of ViewStub, the investment funds additions to the platform, namely a mobile app. Plus, it will help ViewStub as it attempts to land larger event clients in the sports and entertainment sectors, according to ViewStub co-founder Patrick VanDusen.
The rise of virtual events after March 2020 triggered rapid growth at ViewStub. The company employed eight people then, and it now employs 26 workers. Elliott declined to share ViewStub's revenue or revenue growth, citing the competitive nature of its industry.
ViewStub, founded in 2019, was first part of Orlando-based startup accelerator Starter Studio before joining the University of Central Florida's Downtown Innovation District and small business incubator.
ViewStub is an example of how UCF's strategic placement of incubators and innovation districts across Central Florida can help companies, Rob Panepinto, UCF"s director of Innovation Districts strategy and partnerships, told Orlando Inno. For example, ViewStub easily was able to go from Starter Studio to UCF's downtown Orlando incubator because the two organizations shared the same building. “They’re incubated. They’ve hatched.”
Virtual and hybrid events are projected to grow more as the Covid-19 pandemic continues to limit or prevent large in-person events. For example, event management firm network Global DMC Partners in November 2020 released a study that found 72% of event planners expected their events to be virtual or hybrid in 2021. This shift is one reason market research firm Grand View Research predicts the global virtual events market will be worth $505 billion by 2028, a 24% compounded annual growth rate from $94 billion in 2020.
Of course, ViewStub works with live event organizers, too, and the company hopes for the speedy return of in-person events. The company is stuck "in limbo" as it waits for that key segment of its industry to rebound, Elliott said. "Virtual events are good, but they're so much better when it's an in-person event that has virtual."
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