China’s Moretickets raises another $60m
Chinese discount ticket resale platform Moretickets has raised a further US$60 million in a series-C funding round led by CAA investor TPG Capital.
TPG Growth – the middle-market/growth capital division of TPG Capital, the majority owner of Creative Artists Agency – joins Hillhouse Capital and existing investors DCM, Matrix Partners, Blue Lake Capital and Nanshan Capital in the investment round, which brings Moretickets’ total funding to $100m.
The company, then called Ferris Wheel Ticketing, raised $15m in a series-B round in June 2017, with a further $25m (series B+) following in October.
According to China Money Network, Ferris Wheel/Moretickets operates in 369 cities in China, processing monthly sales worth over ￥100m (US$15m), although 90% of its tickets sell for under face value.
“Concerts, sporting events and original theatre have become an integral part of China’s consumer culture”
Matrix Partners, Nanshan Capital and DCM are also investors in another Chinese secondary ticketing site, Tking.
TPG, in addition to CAA, is the majority owner of Cirque du Soleil and, most recently, African entertainment brand Trace (through TPG Growth), and an investor in Spotify, Airbnb, Uber and Vice. It is also believed to be in talks to acquire a stake in BookMyShow, India’s leading entertainment ticketing platform.
“Through integrated technological knowhow and deep expertise in online event ticketing, Moretickets has been able to create a quality service product offering and secure its industry leading position in terms of scale, reputation, industry penetration, user experience and operational efficiency,” says Chang Sun (pictured), TPG’s managing partner in China.
“Live programmes such as concerts, sporting events and original theatre have become an integral part of China’s consumer culture, and we are very excited to be starting this new relationship with Moretickets as they look to further capitalise on this growing industry.”
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China secondary ticketer Ferris Wheel raises $15m
Chinese secondary ticketing site Ferris Wheel Ticketing has secured US$15 million in series-B funding from a consortium of Chinese and American investors.
The funding round is led by Liaoning-based venture-capital firm Blue Lake Capital, with Chinese companies Matrix Partners China, Nanshan Capital, K2VC and Zhen Fund and California-based DCM Ventures also participating, according to Chinese media.
According to China Money Network, Ferris Wheel Ticketing – until recently known as Niumowang Ticketing – currently sells around 60,000 tickets, with a transaction value of ¥30m (US$4m), per month.
Concert ticket sales were worth $158m in China in 2016
The investment in Ferris Wheel follows Matrix Partners, Nanshan Capital and DCM pumping US$10m into another online resale marketplace, Tking, in November.
In the primary market, meanwhile, ecommerce giant Alibaba recently acquired China’s leading ticket agency, Damai.cn, as it sets into motion its long-rumoured expansion into the live entertainment business.
The most recent PwC Outlook reveals the Chinese live music market was worth US$217m in 2017, with ticket sales accounting for $158m.
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