Virtual-events startup Hopin raised $1.16 billion and peaked at a $7.8 billion valuation in 2021 after only 2 years of being founded. So many VCs, more than 60, were keen to invest in Hopin that none ended up with an influential stake. Meanwhile, the founding CEO cashed out $195 million before this pandemic fueled business was no longer essential. As vaccinations arrived and the travel restrictions eased, demand for Hopin’s platform waned leading to 3 rounds of layoffs and selling the core business to RingCentral for $50 million in 2023.
