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‘This Is Insanity’: Start-Ups End Year in a Deal Frenzy



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SAN FRANCISCO — Hopin, a virtual events start-up in London, had seven employees and was valued at $38 million at the beginning of the year. Johnny Boufarhat, the company’s chief executive, wasn’t planning on raising more money.But as the pandemic spread and more people held virtual events, Hopin’s business took off. Unsolicited offers from investors started pouring in. “It’s like a drumbeat,” Mr. Boufarhat said. “That’s become the new way for investors to tempt founders.”In June, Hopin raised a fresh $40 million from venture capital firms such as Accel and IVP. Last month, without even building …

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