Johnny + Hopin: Jumping on the opportunity Covid presented
Updated: Jul 1, 2021
As of Apr 2020
"The problem was virtual events had been around 12 yrs but sucked". Hopin looking to solve that problem while focusing on networking, engagement and interactivity. Events is a $1T industry. $400B is business events. More accessible, better for the environment, easier to collect emails and analyze data.
Venue space online. Stage for main event. Sessions for smaller groups. Networking for 1-1. Expo area to showcase sponsors.
2018: first line of code. Built on gut, intuition.
Sep 2019: 8 devs. First $s of revenue while in pvt beta from a speed dating site.
Dec 2019: started conversation with Accel. 80K organizer waitlist. 10% of attendees would become organizers. Took them 10 mins to set up their own event. Compare with in-person events which were hard to assemble. Had demonstrated product was viral even though ~$0 ARR.
Apr 2020: closed $7M funding pre-revenue with Accel. No discussion around Coronavirus yet. 23 engineers and 38 full team. 11 sales. 4 joined previous week.
Jan 2021: 200 people in 34 countries. NATO, UN, WSJ, Slack customers. 73% turnout rate (vs 22% webinar attendance rate).
All of the action happened between funding being raised and 3 weeks into Covid-19.
Went from $0 ARR to $1.8M ARR
Realized that with Covid people needed a tool like this, or they'd use Zoom and decide that virtual events suck.
180K waitlist. 1000 signups/day on website -> 150 that filled out Typeform (questions like industry, company and event size, type of event, etc) -> passed to Clearbit for leadqual. Only 2000 given access until that time, and 1200 paying customers.
All types of events from conferences to hackathons, meetups and gym nights.
$99 self serve plan which included 1 organizer and 100 attendees. $0.50 for each additional attendee. More expensive enterprise plan
Large "$1M customers" were double edged swords. Big $ on the one hand, but needy on the other (took 6 Hopin FTEs to run the event). Small events didn't need dedicated infra and weren't needy (group onboarding events 2x/wk) but generated less $.
Gross burn $400K/mo, net burn $140K/mo. Churn 11%/mo because Covid was making everything too chaotic. Both growth and churn expected to settle down.
PBP 3 months, ie, took $300 of hosting expense before $99/mo paid off.
Ruby on rails, React, Postgres, Amazon (including video tech stack)
Vision: AR, VR, integrations (Kahoot, Miro, etc).