Webcast Co. Secures $8M in Financing
Funds to go toward ON24’s 'global expansion.'
ON24 has secured $8 million in equity and expansion capital financing, the Webcasting and virtual events group announced today.
The equity round was led by U.S. Venture Partners, Canaan Partners and Rho Ventures. Gold Hill Capital led the expansion capital financing. The money, ON24 says, will be used to accelerate the global expansion of its sales, marketing and client services organizations, and for product development initiatives including the ON24 Virtual Show and the company’s flagship Webcasting platform.
In addition to its expansion, ON24 sought this round of funding in order to be “well capitalized during the economic downturn,” according to president and CEO Sharat Sharan. “With rising fuel costs and the economic downturn, we have seen increased demand by organizations to leverage our solutions to hold online events as a cost-effective alternative to in-person events,” Sharan said.
Late last month, ON24 launched its Virtual Show, a solution that offers a virtual venue for trade shows, job fairs and conferences.