Market research company Technavio predicts 20% growth annually until 2020, in contrast to 2% overall in event ticketing
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FanDragon Technologies launches with $12 million in funding, aiming to “revolutionise mobile ticket delivery” in partnership with Aventus
By IQ on 29 Jul 2019
FanDragon Technologies has launched with US$12 million in funding to spearhead the development of secure ticket delivery solutions for mobile ticketing. The company has simultaneously announced veteran technologist and entrepreneur Robert Weiss as founding chief executive officer.
FanDragon does not sell tickets, but rather provides software solutions that can be integrated into existing applications. The technology has been designed to commercialise the Aventus digital assets-focused blockchain protocol.
The company claims that rights-holders and fans can experience a more secure ticketing event experience and eliminate counterfeiting and unauthorised ticket resale. At the same time, rightsholders can engage directly with fans through FanDragon’s unique wallet feature, provide ticket purchasers with information about the event, and better understand the fans who attend multiple shows.
A FanDragon spokesperson says the company is unable to disclose its investors, but provided IQ with the following quote from Weiss: “At FanDragon Technologies, we’re focused on transforming ticket delivery. Our mission is to provide innovative, secure technology to any organisation that sells tickets helping them to delight their customers with a truly agnostic mobile-first experience.
“Our blockchain-based, software-as-a-service (SaaS) [platform] empowers anyone from venues to ticket vendors, and all points in between, to acquire visibility and regain control while unlocking new revenue streams through audience engagement. We’re targeting businesses across the full spectrum of ticketing markets, including sports, music, theatre, cinema, family entertainment and theme parks.”
“We’re targeting businesses across the full spectrum of ticketing markets…”
The FanDragon and Aventus teams have been collaborating for the past several months to design a next-generation blockchain-powered SaaS platform.
In a joint statement, Aventus founders and IQ Trailblazers Annika Monari and Alan Vey comment: “We created the Aventus Protocol with the goal of addressing consumer frustration, giving talent and venues the option of enforcing pricing, and improving confidence around selling and buying tickets.”
FanDragon’s board of directors consists of Weiss, Monari, Vey and Mike Jones, the former CEO of Myspace and current CEO/co-founder of start-up Incubator Studio and the Science Inc. fund.
Before being named CEO of FanDragon Technologies, Weiss served for nearly five years as the CEO of the Arpanet Group, a technology and digital media advisory and investment firm.
The convergence of secure ticketing and blockchain technology saw the acquisition of Upgraded by Ticketmaster in October 2018, the company which also added anti-counterfeiting service SafeTix to digital tickets in May. The Aventus Protocol, meanwhile, launched its solution in 2018, after raising more than $18m in an ICO (initial coin offering) and recruiting the likes of promoter Bernie Dillon, ticketing consultant Michael Waterson, tech guru Andrew Ford and former Eventim UK MD Rob Edwards.
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