Event-app developer DoubleDutch (which was one of our 2015 Best Places to Work in the Meetings Industry
) closed $45 million in financing this week from investment firm KKR, along with existing investors Bessemer Venture Partners and Index Ventures, among others. The San Francisco-based company, which now employs 260 people, intends to use the cash for global expansion, sales and marketing, and acquisitions.
DoubleDutch already has expanded by adding employees in Amsterdam, Netherlands; London; Hong Kong; and Portland, Ore., and has more than 1,000 customers.
"We are thrilled to team up with KKR to tackle this next stage of growth," said DoubleDutch CEO Lawrence Coburn. "The $565 billion spent annually on events and conferences -- the biggest marketing spend in the world -- is running blind. We believe that DoubleDutch can help."
DoubleDutch has turned its focus in recent years to using the data gleaned from mobile apps to gauge attendee behavior and sentiment, and to make real-time adjustments to events accordingly. Now the company has plans to expand its marketing from event organizers and planners to include sponsors and exhibitors, adding additional streams of revenue.