Naboo Secures $70M Series B to Revolutionize AI-Powered Event Procurement: A Game-Changer for Enterprises

Naboo, a Paris-based EventTech startup, has announced a significant milestone with the completion of a $70 million Series B funding round. This investment, led by Lightspeed Venture Partners, will be used to expand its AI procurement platform beyond events to cover the 'tail spend' of companies. The funding comes just a year after the company's $20 million Series A round and its expansion into the North American market.



The corporate events market, estimated at $400 billion, is undergoing a major transformation driven by AI. Naboo is at the forefront of this change, offering a platform that integrates AI-driven automation with high-touch service to remove administrative burdens. Its platform provides a range of services, including venue sourcing, concierge, event planning, corporate cards, accounts payable, and procurement.



Naboo's platform has already generated $150 million in business volume, with 3x year-over-year growth over the last three years. The company boasts 0% churn among its corporate clients and a success rate of over 90% on major account tenders. It works with a quarter of the French stock market (CAC) 40-listed companies under exclusive contracts.



The implications of Naboo's funding extend beyond the company itself. For everyday users, this could mean a more streamlined and efficient experience when attending corporate events. From an industry perspective, Naboo's platform is poised to reshape how companies approach event procurement, providing a more tailored and high-end experience.



Naboo's expansion into the US market, with a new hub in New York, will allow the company to rapidly scale its go-to-market strategy and support the international deployments of existing customers. With this fresh capital, the company aims to accelerate several strategic projects, including enabling independent and instant booking with a specialized AI agent and centralizing all payments via its new corporate payment card.



The potential savings for clients are significant, with Naboo estimating up to 30% of clients' budgets. As the company continues to grow and expand its offerings, it is clear that Naboo is a major player in the EventTech space.



The funding round is a significant vote of confidence in Naboo's mission to provide large enterprises with an infrastructure that combines purchasing performance, compliance, and automation on a global scale. With its innovative approach to event procurement, Naboo is well-positioned to define the global standard for AI-powered event procurement.



For businesses, Naboo's platform offers a range of benefits, including increased efficiency, reduced costs, and improved compliance. As the company continues to grow and expand its offerings, it is likely that we will see even more innovative solutions emerge.



In conclusion, Naboo's $70 million Series B funding round is a significant milestone for the company and the EventTech industry as a whole. With its innovative approach to event procurement, Naboo is poised to revolutionize the way companies approach corporate events.