D.C.-based event tech startup nvite has been acquired by San Francisco-based Eventbrite for an undisclosed sum. The news was first reported in Fortune's Term Sheet newsletter this morning, and nvite CEO Martin Ringlein recently confirmed the report with DC Inno.
The relatively small nvite is one of many event tech startups that have found a home in the D.C. metro area in recent years. Marty Ringlein's company came on the scene around 2013, and the software is used by a number of DC Tech members to host and share their events (including nvite's own DC Tech event page). Nvite raised a $1 million seed round in 2014 led by Paul Singh's Crystal Tech Fund.
Back in November, Ringlein told DC Inno that the real draw of D.C. over San Francisco is the talent pool: "In San Francisco, there's a talent war where you're fighting for the same kinds of talent. In D.C. it's a little bit more diversified and people are more interested in trying new things, so it's easier to get someone to leave their full-time job and join a startup."
Now it seems the tides have changed. While it is unsure how the acquisition will affect nvite's DC office, one thing is clear: nvite is now owned by the San Francisco event tech stalwart Eventbrite, which is valued at $1 billion and is expected to IPO in the coming years.
This isn't Ringlein's first startup to do a deal with a big Silicon Valley tech company. Back in 2012, his company nclud sold some of its its intellectual property to Twitter. He founded the research and design agency with the same co-founder as nvite. Between starting nvite and nclud, Ringlein has founded two other companies that were later acquired, according to his Linkedin profile.
According to Fortune, the nvite acquisition comes at the perfect time for Eventbrite. Earlier this week, the San Francisco event tech company lost high-profile client, Tough Mudder, a race company. Tough Mudder accounced it made the switch to ACTIVE Network, which provide event technology specifically for races. According to Fortune, Tough Mudder represented less than 1 percent of Eventbrite's revenues.
DC Inno has reached out for comment and will update the post as information becomes available.
Clarification: This post has updated to reflect that nclud sold its IP to Twitter and wasn't acquired outright, according to nclud.
