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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