New Jersey Founders & Funders Event Drives Investment in Bergen County-based Eventcombo
Eventcombo plans to launch version 2.0 of its platform within the next few weeks.
TRENTON, N.J. (May 12, 2016) –New Jersey Founders & Funders events are beginning to bear fruit, as Bergen County-based Eventcombo recently received funding from NJIT Highlanders Angel Network as a result of the New Jersey Economic Development Authority (EDA)-hosted program.
Held at the EDA’s Commercialization Center for Innovative Technologies, semi-annual NJ Founders & Funders events introduce entrepreneurs to investors in 10-minute one-on-one “speed dating” match ups, paving the way for emerging companies to attain the funding they need to grow in the state. To date, more than 150 startup companies have met with investors during five NJ Founders & Funders events.
“As any entrepreneur can tell you, investment opportunities take time to cultivate and develop,” EDA Chief Executive Officer Melissa Orsen said. “We are glad to have played a role in matching Eventcombo with NJIT Highlanders, and we look forward to many more success stories.”
Eventcombo offers an online ticketing platform for events across all the major cities in the United States. The company plans to launch version 2.0 of its platform within the next few weeks. The “self-service” platform will bring added value to event organizers, enabling them to “bundle” other amenities event-goers might need along with the tickets, including dinner reservations, merchandise and parking and eventually branding. Eventcombo received the award for Most Innovative Product/Service at the New Jersey Technology Council’s 2015 Venture Conference.
Eventcombo Co-Founder and Chief Marketing Officer Joseph Kaufman noted that NJ Founders & Funders was the first time his company met with NJIT Highlanders. It was as a result of one-on-one conversations at the event and subsequent meetings that NJIT Highlanders investors chose to support Eventcombo. NJIT Highlanders participated in Eventcombo’s latest round of funding, which was led by JumpStart New Jersey Angel Network. Both NJIT Highlanders and JumpStart New Jersey attended last week’s NJ Founders & Funders event.
“From the minute we met Eventcombo we were impressed,” NJIT Highlanders Investor Cristian Ossa said. “Their business model, combined with their reasonable valuation and the executive team all contributed to our decision to invest.”
The EDA hosts NJ Founders & Funders events semi-annually. The next event is scheduled for October 26, 2016 and registration can be accessed via https://application.njeda.com/tls/.
@NJEDATech spoke with Kaufman about his company’s experience in New Jersey and its plans for the future:
Why did you choose to locate your company in New Jersey?
New Jersey is home to the majority of our team, so we have a personal interest in developing our business in the state and contributing to the community. New Jersey has a lot to offer, which sometimes gets lost in the news with New York City being so close. We want to not only take advantage of what New Jersey has to offer, but nurture it as well. Perhaps our hard work will influence others to also start new companies.
What New Jersey resources has Eventcombo found most useful?
Being part of the technology community, there is always a lot going on. The NJ Founders & Funders event has been an amazing resource in developing relationships and connections. There are many Meetups across New Jersey that have been beneficial, specifically when looking to connect with other tech professionals. Finally, the EDA has been a valuable resource for us – every time we have needed anything, we simply pick up the phone and receive full support, from investment introductions to strategic discussions.
What’s Eventcombo’s biggest success to date?
The growth we have experienced has to be our biggest success. Driven by our clients — event organizers coming back time and time again to continue to use our platform– has given us strong validation in what we are doing. We are excited to keep going!
What’s on the horizon for Eventcombo?
We have invested a lot of resources toward building a new shiny, sleek, revolutionary platform to take online ticketing to the next level. We are looking forward to continuing to support and give back to event organizers with our online ticketing platform. As you'll see, we truly are going "beyond ticketing!"