Allseated, a US-based platform that allows venues and planners to plan and showcase venues virtually, has raised $20m in a debt round of funding led by Trinity Capital, with Vestech Partners, NYFF, Magma Ventures and WGG also participating. The new funding will mean Allseated can scale its platform and expand beyond events into corporate use.
Allseated has grown from 40 employees to 120 worldwide and will now spin out its Meetaverse division as a standalone entity. It will be dedicated to pioneering immersive experiences, such as virtual events and corporate environments. And although the metaverse hype has led to many event tech companies crashing in market value, such as Hopin, Allseated seems to be refocusing on real-world events. The Dice event discovery and ticketing platform reflects the new trend, successfully raising $65m recently , while event management software company EventMobi was bold in its acquisition of Run The World, an online events platform. These moves perhaps signal that virtual events are moving to play a more complementary role in the real world of face-to-face meetings.
Allseated says its virtual space and event planning technology is built upon real-time data analysis, predictive insights, and advanced simulations. This, it says, enables users to eliminate guesswork and usher in a new era of accessibility, design, analysis, and collaboration with multiple stakeholders, all in one platform.
“Allseated has always been about bringing cutting-edge innovation to the hospitality market, enabling our customers to be more effective and close a lot more business, faster. The new funding will help us to continue expanding our product line from floor planning to a full collaborative space visualization platform. It will enable us to continue to grow rapidly and partner with some of the best brands in hospitality,” said Allseated CEO Yaron Lipshitz.
San Francisco based Nfluence Partners served as financial advisor and Fenwick and West as Legal counsel in the course of the latest fund raising.
Analysts have pointed out that where the Allseated platform differs from other players is that it creates what it calls a “photorealistic digital twin” over a web browser, which allows a lot of control by brands over user engagement, data and content.
