Swoogo, a Century City-based startup that offers event management software, has raised $20 million in fresh funding led by private equity giant Bain Capital, it announced Tuesday.
Founded in 2015, Swoogo provides a corporate event management platform to clients like software company Atlassian, cloud content management firm Box and e-document provider DocuSign. Swoogo said the new funding, which it described as a Series B round, will go toward expanding its platform and developing its hybrid and virtual event services.
Bain’s investment will see David Healey, a vice president at the Boston-based firm, join Swoogo’s board of directors.
Swoogo is led by CEO Christopher Sykes, whose investment firm Eagle Rock Capital acquired a majority ownership stake in the startup in March 2020. On Tuesday, Swoogo said it has “nearly tripled its recurring revenues” in the two years since Sykes’ acquisition.
“As a result of COVID and the industry's rapid pivot to virtual events, we've seen decades of development compressed into months,” Sykes said in a statement. “With Bain Capital's support, we look forward to bringing the same rich insights we've unlocked for virtual events to in-person and hybrid events.”
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