Banzai, a cloud-based event marketing automation software, raised $7 million in a Series A funding round.
DNX Ventures, an early-stage VC firm focusing on B2B startups, led the funding round, with participation from Vulcan Capital, the multi-billion-dollar investment arm of Vulcan Inc.
According to the company, the latest funding will help double its headcount and expand product and service offerings in the Event Marketing Automation category.
More than 200 companies, including Dell, Google, Microsoft, and Oracle, use the Banzai platform to streamline their registration process and drive attendance for regional and field marketing events.
“Events are the single largest marketing expense for companies today, with half a trillion dollars spent each year,” said Joe Davy, Banzai CEO. “There has been almost no innovation in the Event Marketing Automation category. Professionals want to be reached through powerful experiences, and companies will need to adopt new solutions to reach their customers.”
To date, the Banzai platform has generated over 30,000 event and conference registrations around the world. In 2019, Banzai doubled its topline revenue, supported 1,400 unique customer events, and grew its team by 200%.
“Event marketing represents the largest budget category for marketers, and the Event Marketing Automation industry is ripe for a technological revolution,” said Mitch Kitamura, Managing Director at DNX Ventures.
“Banzai has created a differentiated solution that is already becoming a standard. The process of event marketing – including audience targeting, invitations, and confirming registrations – is a logistical nightmare that keeps field marketers awake at night. With this new capital, Banzai will be able to scale up to serve more customers and expand its product offering.”
Image Credit: Banzai