Cvent Secures $136M

Cvent, a Mclean, VA-based software-as-service (SaaS) provider of online event management, venue selection and web survey solutions, has secured $136m in its first external funding.

The round was led by New Enterprise Associates (NEA) and Insight Venture Partners, with participation from Greenspring Associates.

The company intends to use the capital for substantial technology developments, continued global expansion and potential acquisitions.

According to a written statement, with this investment, Cvent plans to hire more than 200 people over the next 12 months, bringing the total employees to 1,000. At least half of these new hires will be engineers focused on enhancements to its suite of cloud-based products. The company will also focus on accelerating the growth of the Cvent Supplier Network, a free online marketplace that connects event planners with venues.

Founded in 1999 by CEO Reggie Aggarwal, Cvent offers web-based software for meeting site selection, online event registration, event management, e-mail marketing, and web surveys.

It operates inĀ in 40 countries.

FinSMEs

20/07/2011

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