In late 2019, the self-taught programmer released an early version of Hopin, which allows users to attend break-out sessions during events and network with attendees through automated one-on-one video meetings. Boufarhat initially planned to launch the events platform in September 2020, but the pandemic forced him to speed up the schedule by six months.
‘Figured Out’
“Johnny had it figured out long before the pandemic,” said Par-Jorgen Parson, general partner at London-based venture capital firm Northzone, a serial investor in Hopin’s fundraising rounds. “Then all the arguments and market pointed solidly at what he had already thought through.”
Boufarhat is the latest millennial to become a self-made billionaire as the boom in tech, finance and SPACs creates vast fortunes at breakneck pace. The Collison brothers — Patrick, 32, and John, 31 — are each worth $11.4 billion through online payments firm Stripe, according to Bloomberg’s wealth index. Nikolay Storonsky, 37, founder of Revolut, is sitting on a stake worth about $6.7 billion, while Stanford University dropout Austin Russell, 26, became a billionaire last year after his driverless-car business Luminar Technologies Inc. went public. There are now 19 people under age 40 among the world’s 500 richest, according to the index.
Boufarhat, who lives in Spain, sold shares worth about 130 million pounds ($180 million) from July 2020 to March 2021, leaving him with a roughly 40% stake in Hopin, according to data compiled by Bloomberg.
Though Hopin is registered in London, it doesn’t have a head office. Boufarhat said in a blog post to mark the latest fundraising round that he’s looking to sustain a fully remote workforce. He’s also betting the world won’t return to the way it was before the pandemic.
“Our future will be one in which people can partake in the experiences that matter to them -- wherever they are,” he said. “In other words, it’s a future aligned to the initial vision of Hopin.”
This article was provided by Bloomberg News.