$5.65 billion events startup Hopin has made 2 more acquisitions as it builds out its video infrastructure
- Hopin, the fast-growing events startup, has completed its third and fourth acquisitions.
- The $5.65 billion-valued startup is buying two video platforms, Streamable and Jamm.
- “We want to be the biggest investors in video and audio tech and have best products on the web,” CEO Johnny Boufarhat said.
- See more stories on Insider’s business page.
Bullishly valued events startup Hopin has made its third and fourth acquisitions in less than a year.
The $5.65 billion startup is buying video hosting company Streamable and video technology business Jamm, taking Hopin to four acquisitions despite being less than two years old.
Hopin offers events and conferencing software for a monthly subscription fee. It was incorporated in the UK in June 2019, and exploded through 2020 as the pandemic forced organizers to make their events digital.
Investor cash and spiraling valuations followed. It hit a valuation of $350 million in the summer of 2020 when Silicon Valley growth fund IVP led a $40 million Series A into the business. That rose to $2.1 billion after a $125 million round led by Tiger Global and Coatue.
And in March, the firm raised again at a $5.65 billion valuation after attracting US investors Andreessen Horowitz and General Catalyst. The figure puts Hopin’s valuation at 80 times its annualized revenue, a high multiple even in the current investor craze for software subscription startups.
“We want to be the biggest investors in video and audio tech and have best products on the web,” Hopin CEO Johnny Boufarhat told Insider. “Our thesis is that the business world will continue to be powered more by video and audio software so we want a more accessible and sustainable focal point for professional interaction.”
Streamable provides video hosting and uploading software, allowing users to record and share events more efficiently. Founded by Armen Petrosian in 2014, Streamable has more than 12 million active users and 75,000 video uploads a day, according to Hopin’s press statement on the deal.
San Francisco’s Jamm provides video collaboration software for remote teams. The deal was described as a “tech acquisition” to help boost video infrastructure on Hopin.
Boufarhat declined to comment on the cost of the deals but said both were done off balance sheet.
In December, Hopin made its first acquisition in the form of New York networking app, Topi, before following that up with a $250 million deal to buy live streaming platform StreamYard in January 2021.
Streamable CEO Petrosian and Jamm CEO and cofounder Badri Rajasekar will become the heads of Streamable and Jamm within Hopin respectively, and continue to lead the business of their companies.
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