devxlogo

Hopin Reshuffles Operations, Relocates to US

Hopin Reshuffles Operations, Relocates to US

"Reshuffles Operations"

Hopin, a London-based event technology firm, is currently implementing a significant restructuring strategy. The aim is to enhance its capital structure and streamline operations. Excitingly, this includes plans to relocate the company’s headquarters to the United States.

From gaining the unicorn title within a year of inception to swift growth in 2021, Hopin decided to sell some assets including the Hopin events platform to RingCentral, a Californian firm. This decision enabled the company to re-focus on core competencies. RingCentral, as the new owner, now uses the Hopin events platform to boost customer engagement within its ecosystem.

Jonny Boufarhat, Hopin’s founder, has consciously decided to step away from the CEO reins, leaving room for a new leader. Yet, Hopin retains its principal live-streaming platform, StreamYard. This stands as a testament to the company’s resilience and adaptability, even in the wake of significant leadership changes.

Before announcing these changes, Hopin secured some serious capital. It bagged $400m in a Series C funding round and this raised the company’s valuation to an impressive $5.65bn. Come August 2021, a Series D funding round saw an additional injection of $450m, taking the company’s valuation to a whopping $7.75bn. Among Hopin’s distinguished backers are Andreessen Horowitz, General Catalyst, IVP, and others.

Reshma Sohoni from Seedcamp, while optimistic, expressed concerns over the company’s ability to handle this sudden influx of capital. She pointed out uncertainties in capital allocation, potential risks associated with quick growth, and the unpredictability of the business landscape. She urged Hopin to channel its sudden wealth towards sustainable expansion and long-term gains.

Despite these changes, Hopin’s incoming CEO, Badri Rajasekar, remains unfazed. He promises strong leadership and expressed his belief in Hopin’s ability to fully repay its debts during this transition period.

devxblackblue

About Our Editorial Process

At DevX, we’re dedicated to tech entrepreneurship. Our team closely follows industry shifts, new products, AI breakthroughs, technology trends, and funding announcements. Articles undergo thorough editing to ensure accuracy and clarity, reflecting DevX’s style and supporting entrepreneurs in the tech sphere.

See our full editorial policy.

About Our Journalist