The startup has already secured funds previously from Raed Ventures and MEVP, which brings the total capital raised by Eventtus to $2.65 million within two years only. This investment enables the startup to accelerate and expand into the Middle East, and at the same time introduce new products and services. Currently, Eventtus is focusing on developing its new platform features to optimize the outcomes of all event stakeholders. The new features range from making the lead generation process more efficient for exhibitors, to diversifying the revenue generation options for the organizers. Eventtus is also planning on launching its new AI module which will enable the attendees to identify and select the best people to connect with at each event based on an algorithm that understands the business goals with each interaction.
This is the fourth investment made by Algebra Ventures this year. Ziad Mokhtar, managing partner of Algebra Ventures, says: “The region’s events and conferences industry has grown significantly over the past years with revenues today exceeding $5 billion. With its deep understanding of the needs of event organizers and event goers, Eventtus is well positioned to play a leading role in transforming this industry.”
The team at Eventtus have been working on various technologies including social media integration and real-time intelligence. They mentioned that they have already seen an impact in the engagement rates of attendees of up to 91%, in addition to an increase in the longevity of the event series.
Mai Medhat, CEO of Eventtus said: “This round comes at a time when we believe that the Eventtus platform is ready to fulfil a role in the events market. This round has the strategic value of enhancing our capacity to work with global companies organizing major events in the MENA region as well as making Eventtus the main platform and event app provider for regional event organizers.”