Chicago-based Eved, an online marketplace for the meeting and events industry, has raised $9.5 million in a Series B round by New World Ventures and MK Capital. The funding will be used to scale and expand the company’s proprietary platform which provides those in the event industry supply chain with a sourcing, marketing and e-commerce solution.
For service providers, Eved enables them to meet demand from buyers for lower pricing and better value from suppliers. Meeting suppliers can use Eved to expand their business online, grow their companies and maintain their margins. Meanwhile, event professionals can use Eved to find suppliers, send and track RFPs and manage their supplier networks.
Companies can also use Eved’s online marketplace to buy directly from suppliers and track those purchases via e-invoices.
According to Matt McCall, New World Ventures partner, Eved allows industry companies to save as much as 25% of current costs. “Eved’s platform is disruptive technology that greatly reduces manual labor hours by incorporating efficient business practices and developing business relationships,” he says.
Founded in 2010 to help transform the $263 billion meeting and event industry, Eved now has over 2,500 users including organizations, third-party meeting and incentive companies, event planning and destination management companies, hotels, event venues and suppliers.