Eved, a web-based marketplace that connects meeting professionals, venues and suppliers online, has raised $9.5 million in venture capital, it announced yesterday. The company says the funding, provided by New World Ventures and MK Capital, will enable it to expand and scale its proprietary online platform within the global meetings industry.
"We are looking forward to our new partnership with New World Ventures and MK Capital," said Eved's founder and CEO, Talia Mashiach. "Their insight and commitment to innovation will enable Eved to revolutionize the meeting and event industry."
According to Eved, its platform enables service providers to meet demand from buyers for lower pricing and better value. It says meeting suppliers can use Eved to expand their business, grow their companies and maintain their margins while event professionals can use it to source suppliers, send and track RFPs, and manage supplier networks. The platform also allows companies to purchase directly from suppliers, track their spend through e-invoices and conduct post-event surveys.
"Event industry companies using Eved to buy in the marketplace are able to leverage their buying power and create efficiencies that can save as much as 25 percent of current costs," said Matt McCall, New World Ventures partner. "Eved's platform is disruptive technology that greatly reduces manual labor hours by incorporating efficient business practices and developing business relationships."
Added Bret Maxwell, MK Capital managing general partner, "Eved is the market leader in the automation of the sourcing, proposal development and purchasing functions for companies in the event space. Eved's innovative technology embraces everyone in the business of executing events — large or small."