Cvent - History

History

Cvent was founded in September 1999 by Reggie Aggarwal, named one of the 25 most influential people in the meetings industry by Successful Meetings, as a company specializing in event management technology. In its first year, Cvent received $17 million in venture capital and grew its staff to 125 employees. After the dot-com bubble burst and the September 11th attacks happened, Cvent faced near-bankruptcy and was forced to cut 80% of its staff. Over the next two years, the company focused on developing its software, servicing its customers and hiring motivated professionals. The company achieved profitability in 2003. In 2011, Cvent announced it closed 2010 with a Q4 year-over-year growth of 50 percent, making it the most successful year in its history.

In July 2011, the company received its first round of funding in over a decade—a $136 million investment led by New Enterprise Associates and Insight Venture Partners. The investment marks the largest software funding in the U.S. since 2007, the eighth largest private equity funding in 2011 and the and the second-largest venture investment in the third quarter of 2011. In the first half of 2012, Cvent reported signing 1,400 new clients and became the world’s largest mobile event application provider through two acquisitions, the first in company history. The company also reported it was on track to increase revenue by 40 percent.