Eventtus, an Egypt-based conferencing app startup has announced a new investment round of $2 million, led by Algebra Ventures and 500 Startups.
This brings the total capital raised by the company to $2.65 million in less than two years.
Previous investors include Raed Ventures and MEVP.
Eventtus was founded by Mai Medhat and Nihal Fares, both Egyptians.
A statement said that the investment would allow Eventtus to accelerate its expansion in the Middle East and introduce new products to also compete on a global scale.
The company’s roadmap focuses on developing new platform features for optimizing the outcomes of all event stakeholders.
New features range from making the lead generation process more efficient for exhibitors to diversifying the revenue generation options for organizers.
Eventtus also said that it is on course to launch its’ new AI module that will enable participants to identify the best people to connect to at each event based on a machine learning algorithm that understands their business goals better and better with each interaction.
Eventtus revealed that it had been working on technologies such as social media integration, personalization or real-time intelligence, and has seen an impact on the engagement rates of attendees and an increase in the longevity of event series.
It also claimed that events served by it have seen an increase in the engagement rate of attendees of up to 91%.
This is the fourth investment made this year by Algebra Ventures – a VC fund backed by CISCO, EBRD, and IFC.
Ziad Mokhtar, managing partner of Algebra Ventures, said that the funding was premised on the great product that Eventtus has built and the customers they have managed to attract.
“The region’s events and conferences industry have grown significantly over the past years with revenues today exceeding $5 billion.”