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April 26, 2022 07:23 pm

Virtual Events Startup Hopin Struggles as Real Gatherings Return

British group gained $7.8bn valuation in pandemic, but lay-offs and slump in secondary market trades have followed. From a report: In November 2020, with the pandemic in full force, British virtual events start-up Hopin declared that a new era of digital gatherings had begun. Virtual events were "here to stay," said founder Johnny Boufarhat, as he bragged that there were "more than 15,000 monthly events" available on Hopin's "Explore" platform. Today, there are fewer than 500 listed. Boufarhat's vision made Hopin a pandemic sensation and Europe's fastest growing start-up ever. Launched in 2019, his company rocketed to fame after Covid hit with a conferencing product that seemed tailor-made for lockdowns. The 27-year-old raised more than a billion dollars for Hopin in little over a year, reaching a $7.8bn private market valuation that made him Britain's youngest self-made billionaire on paper. As top-tier venture capital firms like IVP, Andreessen Horowitz and Tiger Global clamoured to invest, Boufarhat sold $195mn worth of his own shares, according to a Financial Times analysis. With Covid beginning to recede and publicly traded technology stocks being dumped by investors, Boufarhat now faces a moment of truth as he tries to build a sustainable business that lives up to the lofty expectations it set during the pandemic. "The landscape will look very different going forward. People can now meet," noted one events industry executive. They dismissed the pandemic-driven online events boom as "a bit of an artificial bubble."

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