- Indianapolis-based event management platform company Socio recently announced it raised $6 million in Series A funding
Socio — an Indianapolis-based event management platform for organizations to optimize live events announced it raised $6 million in Series A funding recently. High Alpha Capital led the round with participation from Greenspring Associates. And High Alpha partner Mike Fitzgerald will be joining Socio’s board.
This round of funding is going to support two of the company’s goals. The first goal is that it will help Socio rapidly grow its teams at the company’s North American headquarters in Indianapolis and EMEA office in Istanbul. And the second goal is to accelerate Socio’s development of new products to help customers put on successful conferences, trade shows, and internal and external meetings.
“The average B2B company spends around 22 percent of its marketing budget on events,” said Socio co-founder and CEO Yarkin Sakucoglu. “When done right, events are the most powerful source of lead generation, brand exposure, and marketing ROI. Knowing how hard it is to execute events right, we want to give organizers a full-stack solution that simplifies their work and maximizes ROI across the entire event lifecycle.”
With this round of funding, Socio also added two new products including Socio Lead Retrieval and Socio Live Display to its event management platform. Like the Socio Event App, both of these products focus primarily on the in-event experience. And it also aligns with Sakucoglu’s vision of Socio becoming “the only software event organizers need throughout the lifecycle of their events.”
Socio’s customers include Google, Harvard, and Pinterest along with other major enterprises, associations, and universities. In a little bit more than a year, the company’s client base grew to more than 400 customers in nearly 50 countries. And now the company has an NPS score of 83.
“Without Socio, it took me four weeks, a product manager, three developers, and a ridiculous amount of cash and monthly cloud fees,” added Pradeep U.N. — the director of customer and field experiences at Microsoft. “I was up with the same thing with Socio in four hours.”
Socio is also developing several more enterprise-ready products. And the company is working on its first pre-event product, which will focus on event registration.
“Socio is winning business from sophisticated event marketers with tools that are both simple and powerful, which is not an easy combination in B2B software,” explained Fitzgerald. “We’ve been incredibly impressed with this team and look forward to partnering with them as they continue building the premier event management platform for marketers.”
