Palo Alto, California, US based start-up Bevy has raised USD 40 Million on 24th of March, 2021 in a Series C funding round led by Accel. The company has raised a total of USD 61.4 Million in funding over 3 rounds.
Investors: The acquisition of USD 40 Million took place in a Series C funding round led by Accel along with some previous investors like Upfront Ventures, Qualtrics Co- Founder Ryan Smith and LinkedIn, McKinsey’s Management consultant and entrepreneurs James Lowery. The Investment was remarkable as it included 25 Black investors representing 20% of the Investment.
What the funding is for: The company took the last fundings of USD 15 Million on May 19, 2020. According to the sources, the company is planning to expand their reach globally.
Founders of the company: Alex Bendig, Derek Andresen and Joel Fernandes.
Founding date: April 1, 2017
About the company: Bevy is a privately held organization which is also known as an enterprise grade virtual conference and community events platform designed to build, grow and scale global communities.
The company incorporates a variety of tools to plan, promote and executive virtual conference and community events. Their headquarters are established in the San Francisco Bay Area, Silicon Valley, West Coast and they have a work strength of 101- 250. The organization also deals with various specialties like community, event management, analytics and community retention.
What the CEO has to say:
“We realised that if we really started including people from the Black and brown communities Inside of Bevy that the collective bar of talent was going to go up. We were going to look from a broader pool of candidates, and what we found as we’ve done this is that as the culture has started to change, the customer satisfaction is going up, our profit and our revenue — the trajectory is going up — and I see this thing is completely correlated.” — Derek Andresen, CEO of the company.
What the investors have to say:
“I know for a fact because of my friendship and my network that there are a lot of people, if they had the opportunity to invest in opportunities like this, they will do it, and they have the money to do it. And I think we can be the model for the nation.” — James Lowery, Management consultant at McKinsey.
“It’s about how we get more Black investors on cap tables of companies early in their lifecycle before they go public, where wealth can be created. How do we get key members of executive teams being Black executives who have the ability to create wealth through options and equity. And how do we also make sure that we have proper representation on the boards of these companies, so that we can make sure that the CEOs and the C suite are held accountable towards the diversity goals.” — Kobie Fuller, General Partner at Investor Upfront Ventures.
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