Eved, the online marketplace for the meeting and event industry, today announced it has raised $9.5 million in a series B round led by New World Ventures and MK Capital.
The funding will enable the Chicago area company to scale and expand its proprietary online platform, which has been adopted and championed by leaders in the meeting and event industry. The $263 million industry, with 1.8 million annual U.S. corporate meetings and events, is one of the few that has yet to migrate onto the Internet. Eved’s global, proprietary online platform is the first and only technology that provides all companies in the event industry supply chain a complete sourcing, marketing and e-commerce solution that allows buyers, sellers and resellers the ability to interact and transact online.
“Event industry companies using Eved to buy in the marketplace are able to leverage their buying power and create efficiencies that can save as much as 25 percent of current costs,” said Matt McCall, New World Ventures partner. “Eved’s platform is disruptive technology that greatly reduces manual labor hours by incorporating efficient business practices and developing business relationships.”
Eved enables service providers to meet demand from buyers for lower pricing and better value from suppliers. Meeting suppliers can use Eved to expand their business online, grow their companies and maintain their margins. Event professionals can source suppliers through Eved’s directories, send and track RFPs and manage their supplier networks. Companies also can purchase directly from suppliers in Eved’s online marketplace and track their spend through e-invoices. Post-event surveys provide insight into service quality and promote positive experiences.
“Eved is the market leader in the automation of the sourcing, proposal development and purchasing functions for companies in the event space,” said Bret Maxwell, MK Capital managing general partner. “Eved’s innovative technology embraces everyone in the business of executing events – large or small.”
Eved and its founder and chief executive officer, Talia Mashiach, have been profiled in The New York Times, Forbes Inc., Wall Street Journal, Business Week and Entrepreneur. Early investors in Eved included Merrick Ventures, which participated in the current round.
“We are looking forward to our new partnership with New World Ventures and MK Capital,” said Mashiach. “Their insight and commitment to innovation will enable Eved to revolutionize the meeting and event industry.”