Event management startup Eventtus received US$ 2 million of investment from Egyptian VC Algebra Ventures and 500 Startups. It previously received an investment from Raed Ventures and MEVP, making the total capital raised by the company US$2.63 million.
The new investment will help the company enhance its presence in the Middle East and launch new products to compete globally, according to Eventtus press release. The new plan will include rolling out an AI module, enabling participants to identify relevant people to talk to at an event, based on a machine learning algorithm that understand their business goals.
“Our investment in Eventtus is premised on the technological disruption that is happening globally in the world of events,” said Ziad Mokhtar, managing partner of Algebra Ventures, in the press release. “It is also premised on the great product that Eventtus has built and the customers they have managed to attract. The region’s events and conferences industry has grown significantly over the past years with revenues today exceeding US$5 billion. With its deep understanding of the needs of event organizers and event goers, Eventtus is well positioned to play a leading role in transforming this industry.”
“This round has the strategic value of enhancing our capacity to work with global companies organizing major events in the MENA region as well making Eventtus the main platform and event app providers for regional event organizers,” said Mai Medhat, CEO of Eventtus.