Arrowhead Innovation Fund (AIF), housed in New Mexico State University, recently announced its decision to invest in Circa.
Circa is an event management platform developed to support marketing teams to succeed in virtual and hybrid events environments.
Circa, formerly known as EventGeek, is a Y Combinator-supported start-up that swung amidst coronavirus changes and integrated virtual events in its in-person event management system. As it deployed similar technology, 80% of the platform was recreated to provide more flexibility and target different audiences.
Beto Pallares, Fund Manager, Arrowhead Innovation Fund, said, “The event industry is experiencing a rapid metamorphosis. Circa has a solution for enterprise companies with a hybrid in-person and virtual event strategy, whether they’re hosting or sponsoring the events.” He added, “Their management team is experienced and has already raised funds from angels in New Mexico and Silicon Valley. We want to support a business that is already generating revenue and diversifies AIF’s portfolio.”
Further, Alex Patriquin, Founder and CEO of Circa, expressed, “Companies are starting to think beyond 2020. If they’re going to get back to in-person events that have the competitive advantage of in-person sales and partnership meeting, but also capture the cost efficiencies and exponential reach from virtual events, the answer is hybrid.”
Since March 2020, Circa has aided business marketing teams transition from 40,000 in-person events to events held virtually and a hybrid of in-person and virtual.
Cloud-based solutions by Circa aid businesses with dozens to thousands of events to reset their strategy. This is done with the help of event templates and data-driven insights, driven by Webex, Zoom, On24, and other leading videoconference, marketing, and CRM solutions.
The customer base at Circa comprises world-class enterprises such as Salesforce, Honda, Farmers Insurance, Okta, and Elsevier.
The investment story
Arrowhead Innovation Fund (AIF) has commitments for a total of USD 800,000 from New Mexico’s Catalyst Fund, USD 20 million “fund of funds” to aid New Mexico enterprises, and USD 500,000 from the NMSU Foundation, and a USD 300,000 grant through the US Economic Development Administration’s Regional Innovation Strategies program and other private investors.
Arrowhead Innovation Fund stands strong at USD 2 million in commitments and exploring companies with entrepreneurs who are completely committed to growing and scaling their business and looking for an amount between USD 25,000 and USD 200,000 in investment toward their total seed round fundraising target.