Today Bloodhound, providers of mobile conference tools, announced a conclusion to its Series A round of funding. All told, the company took in $4.5 million. However, not all of that money is new; TNW reported in September of last year that the firm had been funded to the tune of $1 million.
Thus, using rough math, Bloodhound raised around $3.5 million in the last five months.
The company’s tools help conference organizers better manage their event, exhibitors connect with potential leads, and attendees navigate the agenda. Conferences, love them or avoid, are a key component of a great host of industries, from technology to porn. And Bloodhound wants to work with every event, noting that the 2,000 events that have signed up thus far span 75 countries and include shindigs for healthcare, fashion, and, yes, the adult film awards.
Launched in late 2011 Bloodhound appears to have found its sea legs, growing – these numbers are self-reported – 50% per month on average for the last six months.
The company doesn’t charge event organizers, or attendees to use its technology, instead working with vendors and exhibitors to collect and store data on individuals that they might wish to later do business with. This lowers friction to get events on the platform to near zero, and derives revenue from the key value point of an event: landing live sales leads.
The company’s monies come from a raft of names that you are familiar with: Subtraction Capital, FF Angel, 500 Startups, and others.
2,000 events is a minor fraction of the larger conference industry, giving Bloodhound extensive space to continue its growth. It will be interesting to see what sort of revenue figures it can garner on a per-event basis, and if it can raise that figure over time.
For now the firm seems to have found a market opening. And with new funds, its only challenge now is execution.