The most time consuming and difficult task for any event organiser is to find relevant sponsors. Similarly, brands also have a tough time finding the right event with the right target audience and reach. In order to bridge the gap and solve the problems of both these segments, Sponsifyme came into being.
Founded in April 2015, Sponsifyme is an online platform, which enables brands to globally spend on events & experiential marketing opportunities to engage with potential customers directly.
The platform was created by Nitin Bajaj, Shreya Ratra and Gourav Kaila, which now has six full time employees. Nitin has 4 years of work experience in sales & marketing prior doing Masters from IIT Delhi, Shreya has 5 months of work experience with PWC India, while Gourav Kaila, has a work experience of 5 years with United Health Group in product development.
It connects brands with event organisers through an algorithm based on the demographic data of audience, geography targets of brands and marketing budgets of brands. The portal makes event organisers and brands sign up with details like target age group of their target audience, gender, profile, sponsorship offered type- cash/kind and the website compares both to find the right match for both.
How is it catching up?
Sponsifyme currently works with 300 brands, which include UBER, OYO Rooms, OLA Cabs, Jugnoo Auto, CashKaro, DishTV, Ebay India & UCB. The website has been closely associated with events like Miss India Worldwide, ZIRO Music festival, Chalk N Duster (In Movie branding- upcoming movie), SKY Fest, Heartwork Tattoo festival. Having these brands and events clearly justifies that the demand is present. They have already completed 150 transactions in 3 months and Rs 35 lakh of gross sponsorship value has been raised through the platform so far.
Monetisation & Funding
Sponsifyme charges event organizers 10% service fee for cash sponsorships and a flat fee for in kind sponsorships. They also have subscription plans for brands. Apart from this, the company has free and premium listing plans for event organizers. They are also exploring hyperlocal brand engagements and plan to monetize that in future as well.
The company is currently bootstrapped but have plans of raising a serious amount by next month. It is a part of Business World accelerator program batch 2, and is in talks with some investors.
Market Size and Competition
According to Statista, the market size of sponsorships is $55.3 billion, the company also plans to enter event service marketplace and allied services.
Although not many players are operating in this avenue, Google Ventures backed- sponsorboat is one of the well known competitors. However, one of the loopholes on Sponsorboat’s platform is that brand cannot see the event list, neither can event organisers see the brand, the website makes the final decision- a gap that Sponsifyme attempts to fill.
Yet another company competing in this space is Xavier Buck backed Luxemburg based Sponsormyevent which has raised $284,000 till now. Similarly, Indian startup Onspon.com too is running the same race.
As stated above, number of players in this space is less, but the quality of competition is high. Nevertheless, team Sponsifyme is confident about their model, and intends to scale their operations. They are currently providing services Delhi NCR. Nitin quoted “After our funding round we intend to enter different sectors that complement our services and intend to enter global markets such as UAE, USA & Singapore.”