DoubleDutch Raises $10 Million In Series C
DoubleDutch is a mobile events application company that has raised $10 million in Series C funding led by Bessemer Venture Partners. Byron Deeter of Bessemer will be joining the company’s board of directors.
Floodgate, Bullpen Capital, and several other investors also participated in this round. DoubleDutch has recently decided to focus more on the development of their mobile event technology and shut down their popular mobile CRM app, Hive.
This is interesting because DoubleDutch raised their previous funding based on the growth of Hive. Unfortunately, Hive had about 1,000 free customers and a smaller number of paying customers. The events product has been growing at about 40-50% per quarter.
DoubleDutch sells their Events application in the form of a white label product and it enables customers to move away from paper guides. Useful data is gathered by DoubleDutch’s events app as well. DoubleDutch follows the connections that people make through the app and makes suggestions of people to follow.
DoubleDutch also built leads packages, which has been used at several events so far. Exhibitors are able to use a scanning feature in the app that does real-time scoring around the value of the leads using several signals. The scan tells the booth rep who they are talking to and whether or not they should ask a senior exec to talk to that person. DoubleDutch can also report leads that did not come to the booth.
At a recent event where there was 50,000 people and 500 exhibitors, 200 exhibitors bought lead packages at $300 each. This means that the organizer of the event generated $60,000 in revenues just from the data. DoubleDutch took a cut from that amount, but it is unknown how much.
Some of DoubleDutch’s clients include Cisco, Box, SAP, American Express, and PricewaterhouseCoopers. DoubleDutch plans on using the funding for product development and to transition into a software-as-a-service model.
[Source: TechCrunch]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry