London’s O2 Arena – the world’s busiest venue – has sold a “milestone” 25 million tickets to over 2,000 shows since opening in 2007
Sign up for IQ Index
The latest industry news to your inbox.
Online ticketing challenger Ingresse says it plans to use the R$90m round, which includes investment from Nathan Hubbard’s Rival, for acquisitions and product development
By Jon Chapple on 13 Jan 2020
Brazilian ticketing platform Ingresse has raised R$90 million (US$21.8m) in a series-C funding round led by Endurance Fund Ltd.
The Cayman Islands-based fund, which invested in Spotify in the months leading up to its public listing, joins new investors including Rival – the new venture by former Ticketmaster CEO Nathan Hubbard – Globo Group, e.Bricks Ventures, RK Partners and Galapagos Capital, alongside existing investors Qualcomm Ventures and Mercado Livre, in the round.
According to Brazil Journal, Ingresse, founded in 2013, aims to “consolidate the ticketing market” in Brazil, following the recent acquisitions of rivals Ingresso Certo, BlackTag and PixelTicket. The new investment will fund both new acquisitions and the development of new products.
According to the International Ticketing Yearbook 2019, Ingresse is one of a number of modernising, internet-based ticketing players in Brazil, of which the largest is Ingresso Rápido, challenging the incumbent system, which is dominated by regional operators in the country’s biggest cities.
“Online ticket sales penetration in Brazil is far below the rest of the world. There is a huge opportunity”
Ingresse co-founder Gabriel Benarrós says the company processes close to 20% of internet ticket sales in Brazil. There is also plenty of scope for growth, with only 10% of the $15bn worth of tickets sold annually purchased online.
Benarrós (pictured) tells Brazil Journal the funding will also be put towards improving Ingresse’s user experience, allowing the purchase of F&B and other products in-app. “Our idea is that the entire consumer experience can occur within the app,” he comments.
With buy-in from Rival, Benarrós also expects synergies between the two companies, especially in the area of facial recognition, of which Rival is a pioneer.
“Ingresse has a robust platform that provides huge benefits for both event producers and consumers,” says Gustavo Conde of Endurance. “In addition, online ticket sales penetration in Brazil is far below the rest of the world. So there is a huge opportunity.”
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.