Webinars… who needs ’em?
Apparently lots of companies. That’s why Goldman Sachs’ Private Capital Investing Group is investing $25 million in the cash-positive business of the once-foundering marketing technology company, ON24.
The round is a rebirth for the company, that had previously raised $36.3 million (according to CrunchBase), and had looked for an IPO slightly prematurely (before markets were willing to embrace startups in the wake of the financial crisis).
The San Francisco-based company’s sole business is the humble webinar.
The thing is that they’ve gotten so much better and they’re now a huge demand generation tool for every Fortune 500 marketer, according to a spokesperson for the company.
ON24 said it will use the funding to grow domestically and internationally and for new technology development.
The company ran more than 60,000 webcasts in 2015 (which probably supported a lot of nap time) — and expects to deliver more than 100,000 webcasts this year.
Snooze-fest aside, video is a powerful platform for engagement and ON24 is at the vanguard of moving the millennial friendly medium into corporate marketing campaigns.