Bevy Raises $40M in Series C Funding; Valued at $325M


Bevy, a Palo Alto, California-based enterprise virtual, hybrid, and in-person event community platform, secured $40M in Series C funding, valued at $325m.

Backers included Accel, LinkedIn, Qualtrics co-founder Ryan Smith, Upfront Ventures, and more than 25 backers including recognized Diversity and Inclusion (D&I) pioneer James Lowry; current Facebook board member and EVP at PayPal, Peggy Alford; and former Beats by Dre CMO Omar Johnson.

The company, which has raised $60M to date since it was founded in 2017, intends to use the funds to grow the team from 100 employees to 250 in 2021.

Founded in 2017 by Derek Andersen, Joel Fernandes, and Alex Bendig, Bevy was purpose built by the team behind Startup Grind to help companies build, grow, and scale their global customer communities. In 2019, the company acquired CMX, a large community professional organization which offers training, education, and networking opportunities. The Bevy Virtual Community and the Bevy Virtual Conference platform were launched in 2020 to address the needs of both community and event marketing professionals, delivering business results for CMOs, community, field marketing, and corporate event teams looking to rebuild their marketing plans in a post-pandemic world.

With a completely remote workforce, the company’s team is located in 10 different countries on 4 continents. Bevy enables enterprise brands to host large virtual conferences and events and scale their global community events through a network of globally connected events. The company is on track to reach $30M in ARR by the end of 2021, a 15x increase from 2019.

Bevy powers enterprise event communities for brands such as Google, Snowflake, Facebook, HubSpot, Adobe, Salesforce, Slack, Twitch, Atlassian, Zendesk, Twilio, and others. In 2020, the company served as strategic advisors to 125 new and existing enterprise brands as they shifted from in-person communities to virtual and hybrid events. The collaborative approach enabled 30,000 corporate event planners and enterprise community leaders across its ecosystem to host more than 100,000 events across 120 countries, empowering them to hit their key business growth metrics.