Eved Raises $9.5 Million to Expand and Scale Internet Marketplace for Meeting and Event Industry
New World Ventures, MK Capital Lead Investment
CHICAGO, January 4, 2012 – Eved, the online marketplace for the meeting and event industry, today announced it has raised $9.5 million in a series B round led by New World Ventures and MK Capital.
The funding will enable the Chicago area company to scale and expand its proprietary online platform, which has been adopted and championed by leaders in the meeting and event industry. The $263 billion industry, with 1.8 million annual U.S. corporate meetings and events, is one of the few that has yet to migrate onto the Internet. Eved’s global, proprietary online platform is the first and only technology that provides all companies in the event industry supply chain a complete sourcing, marketing and e-commerce solution that allows buyers, sellers and resellers the ability to interact and transact online.
“Event industry companies using Eved to buy in the marketplace are able to leverage their buying power and create efficiencies that can save as much as 25 percent of current costs,” said Matt McCall, New World Ventures partner. “Eved’s platform is disruptive technology that greatly reduces manual labor hours by incorporating efficient business practices and developing business relationships.”
Eved enables service providers to meet demand from buyers for lower pricing and better value from suppliers. Meeting suppliers can use Eved to expand their business online, grow their companies and maintain their margins. Event professionals can source suppliers through Eved’s directories, send and track RFPs and manage their supplier networks. Companies also can purchase directly from suppliers in Eved’s online marketplace and track their spend through e-invoices. Post-event surveys provide insight into service quality and promote positive experiences.
“Eved is the market leader in the automation of the sourcing, proposal development and purchasing functions for companies in the event space. Eved’s innovative technology embraces everyone in the business of executing events – large or small,” said Bret Maxwell, MK Capital managing general partner.
Eved and its founder and chief executive officer, Talia Mashiach, have been profiled in The New York Times, Forbes, Inc., Wall Street Journal, Business Week and Entrepreneur. Early investors in Eved included Merrick Ventures, which participated in the current round.
“We are looking forward to our new partnership with New World Ventures and MK Capital,” said Mashiach. “Their insight and commitment to innovation will enable Eved to revolutionize the meeting and event industry.”
Eved is leading the transformation of the $263B meeting and event industry from a manual, highly fragmented, traditional service sector into a comprehensive online marketplace. Eved bridges the entire supply chain with a complete and interactive sourcing, marketing, and e- commerce solution. Eved has been adopted and championed by leaders in the meeting and event industry and now encompasses more than 2,500 users including organizations, third- party meeting and incentive companies, event planning and destination management companies, hotels, event venues and suppliers. To learn more, visit www.eved.com.
About New World Ventures
New World Ventures is among the nation’s most flexible and innovative technology venture investors, whose mission is to empower entrepreneurs and management tea ms to build market-leading companies at multiple stages of growth. Backed by the Pritzker Group, and its principals J.B. and Tony Pritzker, New World Ventures has a combined 75 years of venture capital and entrepreneurial experience. Prior and current investments include: Playdom (NYSE: DIS); Everdream (Acquired by Dell); TicketsNow (acquired by TicketMaster); and Active (NYSE: ACTV); as well as up- and-coming startups Sittercity.com, SMS Assist, BrightTag, and Alliance Health Networks. For more information, visit www.newworldvc.com.
About MK Capital
MK Capital (www.mkcapital.com) is an established venture capital firm providing early stage and growth equity capital to companies in the digital media, software, and education technology sectors. MK Capital's general partners have all served as entrepreneurs themselves and, as venture investors, have a proven track record assisting founders in their efforts to build great companies. MK Capital has offices in Chicago, Santa Monica, and Ann Arbor and manages over $250 million in venture capital. For more information, please visit www.MKCapital.com or follow MK Capital on Twitter at twitter.com/mkcapital.
Media Contacts: Regan Gleason [email protected] +1.847.982.9620
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