Meetings technology company Cvent, maker of event management, venue selection and web survey software, has raised $136 million in funding with the help of venture capital firms New Enterprise Associates (NEA), Insight Venture Partners and Greenspring Associates, it announced yesterday. The funding — Cvent's first round of funding in over a decade — is the largest investment in a private business software company to date in 2011, and the largest investment in history for the meetings and event technology industry.
"It's rare to find a company that is consistently profitable, growing exponentially and poised to capture even more market share," said Tony Florence, a partner at NEA. "Already the market leader in the event management space, we see tremendous potential for Cvent — especially for the Cvent Supplier Network, which continues to transform the way event planners find and do business with hotels, special event venues and restaurants."
Cvent plans to use its investment for "substantial technology developments, continued global expansion and potential acquisitions." In particular, it plans to hire more than 200 employees over the next 12 months — including at least 100 engineers who will be focused on continuous enhancements to the company's suite of cloud-based products — that will bring its total workforce to 1,000.
Other plans include evolving its social media and mobile offerings and accelerating the growth of the Cvent Supplier Network, which is projected to generate $4 billion in business for hotels in 2011 — up from $60 million in 2008.
"We pride ourselves in our company's stability. This is evidenced by the fact that eleven of our twelve senior management executives have been with the company since its inception, and we've had forty straight quarters of growth," said Cvent Founder and CEO Reggie Aggarwal. "But the real driving force behind our success is the loyalty and belief that our customers and employees have placed in us. As we take Cvent to the next level, we hope that they'll continue to believe in us."