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TicketSwap raises $10m in first funding round

Price-capped ‘ethical’ ticket marketplace TicketSwap has raised US$10 million in new funding from Amsterdam-based venture-capital firm Million Monkeys.

TicketSwap, also headquartered in Amsterdam, will put the money towards expanding into new countries while reinforcing its presence in existing markets, the company says. TicketSwap has ticket resale partnerships with more than 6,000 events worldwide, including DGTL (Amsterdam), Sziget (Budapest) and Hellfest (Clisson, France).

“We are delighted with our first funding in the existence of TicketSwap”, says founder and CEO Hans Ober. “Instead of having to take a step back due to Covid-19, we can now accelerate our growth.

“We are expanding to new markets and improving the quality of our service. Million Monkeys has a lot of experience in building marketplaces like ours.”

“Million Monkeys has a lot of experience in building marketplaces like ours”

The funding will also allow TicketSwap to accelerate the development of new features, continues Ober –for example, new ways to handle scarce tickets for high-demand events, to which end TicketSwap is trialling a raffle technology that would allow more people to have a chance to enter and an increased chance to get a ticket.

It is also building technology to understand fans’ needs better, allowing them to recommend personalised events. “We want TicketSwap to become more than a marketplace for tickets”, says Ober. “It will be a part of the anticipation for an event or day trip. TicketSwap will develop into an app that people like to use regularly to discover new artists and shows, not just when they are looking to buy tickets.”

Over five million fans have used TicketSwap, which caps the resale price at 20% above face value, to buy and sell spare tickets since the company’s launch in 2012.

 


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AmazeVR secures $10m for virtual reality concerts

LA-based startup AmazeVR has raised $9.5 million in new funding to accelerate the company’s growth in the world of virtual reality concerts.

The virtual reality content service specialises in ‘the highest-fidelity performances in surreal CG worlds’, which can be viewed on the AmazeVR immersive tour bus, in cinemas and via the AmazeVR app.

Last week the company announced funding from a number of global investment firms including Murex Partners, We Ventures, Bass Investment, and Dunamu & Partners. Existing investors including Mirae Asset Venture Investment, Mirae Asset Capital, Partners Investment and Timewise Investment also participated in the funding round.

According to the company’s announcement, the funding will be used to hire additional staff as AmazeVR “rapidly scales to meet demand, secures top artists for future projects, and invests in product innovation to ensure the highest quality productions”.

“As more consumers gain access to VR technologies, there is enormous potential for immersive concerts”

According to PitchBook Data, the latest funding round brings the total amount raised by the company to just over $34m since 2015, when the company was launched by the founders and former executives of South Korean-based mobile platform company Kakao.

In 2019, the company underwent a rebrand and honed in on virtual concerts as its primary focus before partnering with hip-hop duo Ceraadi on its debut immersive concert, the following year.

Ceraadi’s debut immersive concert experience, initially scheduled for release in late 2020, has been rescheduled for later this year when it’s safe to hold an in-person launch.

The company said it plans to make upcoming shows available to more viewers through a partnership with Canadian company D-Box Technologies, which manufactures haptic motion systems used in cinemas, theme parks and simulation devices.

“As more and more consumers gain access to VR technologies — be they through headsets, theatres, or even their phones — there is enormous potential for immersive concerts,” AmazeVR co-CEO Ernest Lee said in a statement.

 


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