EventMobi, the Canadian
event management platform has acquired Run The World, a ‘trailblazer’
in the virtual event space, for an undisclosed sum.
Founded in
2019, Run The World started with initial seed funding of $4.3m and went on to
raise a further $10.8m, valuing the company at more than $15m.
Although
a purchase price has not been given, industry experts have indicated it could be
‘substantially lower’ than the amount VC has ploughed into the business.
"We're standing at the dawn
of a new era for business conferences, events and communities," said Bob
Vaez, Founder and CEO of EventMobi.
"With the acquisition of Run The World,
we're doubling down on our ability to deliver diverse event formats, expand our
reach, and solidify our position as industry leaders. We're thrilled to welcome
Run The World and immerse them in the full value of hybrid events..
Run The
World has a stellar customer base including Forbes, Meta, Amazon, United Nations Development
Programme and Harvard University –– and has hosted more than
50,000 virtual events.
"We
couldn't have anticipated the explosive interest Run The World would
generate," said Xiaoyin Qu, Founder and CEO of Run The World.
"We
proudly hosted thousands of customers, fostering a sense of connection when the
world needed it most. Now, as the world settles back to in-person events, we're
thrilled to join forces with EventMobi. We assure our community they are in the
best hands and can expect even more powerful and seamless hybrid event
solutions."
Vaez said EventMobi recognised, ‘the
enduring relevance of in-person events while acknowledging the undeniable
impact and reach of virtual and online communities’.
However: "The
future of events will blend in-person and virtual experiences to foster and
engage communities. We are committed to enabling our customers to choose the
best format to allow their attendees to learn, connect and exchange ideas
year-round," said Vaez.
Run The
World customers can sign up to join the EventMobi family over the coming
months. EventMobi's award-winning support and customer success teams will
facilitate the transition to their new technology partner.
In a LinkedIn
post event tech guru Julius Solaris said increased expectations from
customers about the quality of virtual events may have been behind the
purchase.
He said: “Virtual may not be where
it used to be, but when event planners do virtual, they demand a great UX (user experience). This
may be the thinking behind the acquisition.
"Virtual is a
strong marketing and community-building tool. Any trustworthy all-in-one
platform needs a robust virtual component. For some verticals like associations
and pharma, it is non-negotiable. Run The World had been quiet for a
while.
"There is no information about the deal size. Indeed, with a total raise
of over $15M, the valuation may have dropped substantially.”
Written By
James Lancaster
AMI editor James
Lancaster is a familiar face in the meetings industry and international
association community. Since joining AMI in 2010, he has gained a reputation
for asking difficult questions and getting lost in convention centres. Proofer, podcaster, and panellist - in his spare time, James likes to walk,
read, listen to music, and drink beer.
