Egyptian events startup Eventtus has closed a US$2 million funding round led by Algebra Ventures and 500 Startups to accelerate its expansion in the Middle East and launch new products.
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.
The investment from Algebra Ventures and 500 Startups will help Eventtus expand into new markets and introduce new products, with the company’s roadmap focusing on developing new platform features for optimising the outcomes of all event stakeholders.
New features range from making the lead generation process more efficient for exhibitors, to diversifying the revenue generation options for organisers. Eventtus is also on course to launch its new AI module, which will enable participants to identify the best people to connect with at each event based on a machine learning algorithm.
“Our investment in Eventtus is premised on the technological disruption that is happening globally in the world of events,” said Ziad Mokhtar, managing partner of Algebra Ventures.
“It is also premised on the great product that Eventtus has built and the customers they have managed to attract. The region’s events and conferences industry has grown significantly over the past years with revenues today exceeding US$5 billion. With its deep understanding of the needs of event organisers and event goers, Eventtus is well positioned to play a leading role in transforming this industry.”
Hassan Haider, partner at 500 Startups, said his company was proud to invest in such a great team.
“We look forward to supporting them as they aim to disrupt the events-related technology space and improve overall conference experience in the region and beyond. With the MENA region becoming a major hub for global launches and events, the opportunity in this space is significant. We look forward to welcoming Eventtus to the global 500 Startups family,” he said.
Eventtus CEO Medhat said the round comes at a time when the startup believes its platform is ready to fulfill a vital role in the events market.
“This round has the strategic value of enhancing our capacity to work with global companies organising major events in the MENA region as well as making Eventtus the main platform and event app provider for regional event organisers,” she said.