Eventful raises $10 million in Series C round
The event-planning site raises $10 million in Series C funding in the hopes that it will expand internationally and become profitable. Will it work?
Eventful, a service that lets users discover, share, promote, and create local events throughout the world, on Wednesday announced that it has secured $10 million in Series C funding in a round that was led by Telefonica, along with existing investors Draper Fisher Jurvetson and Bay Partners. In total, Eventful has been able to raise $19.6 million in funding over the past three years.
The company, which boasts 8 million registered users, will use the funding to increase its sales and marketing initiatives, and explore growth in the mobile and international sectors. More importantly, Eventful's executives believe that the latest round of funding will help it achieve profitability.
"This round of financing will enable Eventful to enhance our services to existing and new users throughout the world, and achieve profitability," said Jordan Glazier, CEO of Eventful.
Profitability in the event-planning sector won't be easy. Eventful competes with a slew of companies, including Zvents, EventOrb, and many others that provide users with opportunities to find and announce events in their area.