Splash transitions to B2B occasion advertising with $7M in new funding
Splash, the occasion advertising platform based mostly out of New York, has simply introduced the shut of a $7 million Collection B funding spherical led by Ascent Enterprise Companions, with participation from Spark Capital, Lerer Hippeau Ventures, ScaleUP Ventures, Tumblr founder David Karp, and Vine cofounder Rus Yusupov.
Alongside the funding comes a brand new marketing strategy for Splash within the enterprise.
Up till now, Splash has been offering customers with a freemium suite of instruments to assist them plan an occasion. This could be so simple as a birthday celebration invite utilizing pre-built internet web page themes, or may very well be a ticketed occasion held by a public determine or company.
“We’ve powered occasions for greater than half of the Fortune 500 corporations on the market,” stated founder and CEO Ben Hindman. “These companies began to demand a number of our time and power, treating us like a B2B enterprise.”
And so, Splash is transitioning the corporate to serve enterprise purchasers.
The freemium model of the product will live on, however the firm gained’t be pushing assets in that path. In different phrases, it’ll final till it breaks.
Hindman stated that the freemium aspect of the enterprise may have been sustainable if Splash selected to double down there. For instance, Splash generated $30 million in income from ticketing alone final yr.
Nonetheless, the company world is beginning to shift their stance on occasions, seeing them not solely as an excellent advertising tactic however as a possible income generator, stated Hindman.
Given the panorama and the rising want for an enterprise occasion advertising automation system, Splash is trying to re-tool the corporate to take that position available in the market.
Hindman stated the most important problem helps company entities (who’ve massive groups engaged on a single occasion) perceive one of the best ways to really throw an occasion.
In the beginning of this yr, Splash had thrown 200,000 occasions. At present, the corporate has powered greater than 5 million occasions.
“While you go upstream, you begin seeing wants that don’t make a complete lot of sense,” stated Hindman. “Our best problem helps purchasers make occasions appear and feel superior, seize precious knowledge, and get them hip on find out how to do occasion advertising.”
This newest spherical of funding convey’s Splash whole funding to $14.5 million.
You may take a look at Splash for your self proper right here.