Newcastle events platform Poptop raises £440,000 and predicts market will "bounce back strongly"
Newcastle-based events platform Poptop has raised a further £440,000 to pursue global expansion plans.
The funding comes from existing investors DSW Ventures and NorthStar Ventures, which was investing from the North East Innovation Fund supported by the European Regional Development Fund.
Poptop’s platform was the first private events marketplace of its type and now represents over 14,000 suppliers.
With live events suspended during the pandemic, the company has expanded its range to offer virtual events and food deliveries.
It's also launched a new platform offering live pricing, availability and real-time booking across a wide range of services from musicians, comedians and entertainers to vegan catering.
Poptop is on course to deliver over £10m in bookings in 2021 and is planning a Series A funding round later in the year.
Poptop, which was founded by Eugene Shestopal and Ignat Thorovsky, was first backed by DSW Ventures and NorthStar two years ago.
It's since been joined by the former Co-op Bank CEO Rod Bulmer as chair and experienced finance director Anita Clementson.
Shestopal said: “We are confident that in 2021 the market for private events will bounce back strongly and Poptop will play an important role in the redevelopment of the industry. The technology we’ve built allows us to significantly improve the customer’s experience of planning an event and increase conversions and bookings for our suppliers.
“The new funding will allow us to further enhance the platform and start to expand internationally and into new sectors. 2020 was a tough year for the events industry but our platform is going to be a massive help for entertainers, caterers, and for the whole industry to get back to business.”
David Smith, co-founder of DSW Ventures, said that 2021 would be a "transformative year" for Poptop.