Convene provides co-working space and meeting locations inside office buildings. It was founded to change the way people meet and work, and also to revolutionise how office buildings offered hospitality services to tenants.
Convene's revenue decreased by over 60% in 2020, after the pandemic disrupted its in-person events. In response to this, the company has diversified into the video meetings market. It hosts virtual and hybrid events that more closely resemble the feeling of attending a live business conference. Users can attend the conferences online and interact with the speakers, the hosts, and other attendees in private video chats.
Convene has done well to navigate the macro challenges and reinvent itself, but there will be more challenges to come; Convene also operates in a market with big players, such as Zoom. However, in 2023, the company acquired etc.venues, widening Convene's net to the UK and establishing it as one of the largest premium and event venue companies in the US and UK with 38 locations across the two countries. The goal now is to generate a revenue of $100 million a year by 2025 and it hopes its virtual operations will form a larger percentage of this.
Steph
Company Specialist at Welcome to the Jungle