Tixserve plans €2.5m fundraising round as it aims for further growth

Digital ticketing company, Tixserve, is targeting a €2.5m fundraising round as it capitalises on potential growth in the UK, Asia and the US.
Dec 29, 2022

Digital ticket delivery company, Tixserve, is targeting a €2.5 million fundraising round as it capitalises on potential growth in the UK, Asia and the US.

Managing Director, Patrick Kirby, said the company would embark on a post-seed bridging round with the aim of raising between €2 million and €2.5 million to support further growth. To date, Tixserve has raised €3 million. "We've been very frugal and managing cash", he said. "We didn't let anyone go during the pandemic. It was only when we saw the market pick up that we started building up the team."

Tixserve currently employs 14 people, with the aim of increasing to 20 by the second quarter of next year.

The Irish company, which is based at Maynooth University, has already signed a partnership with the Hong Kong Rugby Union (HKRU), with the company delivering the first tickets for the Hong Kong 7s tournament. The digital ticketing allowed the event to comply with local Covid-19 regulations, and provided fans with supplemental information to guide them through the stadium, in-app accommodation booking services, and the connectivity with fans to deliver key operational messages, real-time content, and event marketing.

Mr Kirby said the partnership was a "significant step" for Tixserve towards further new business opportunities in Asia, with the company already in discussions with potential clients in that region.

Tixserve has also delivered tickets for three Autumn Nation Series games - Scotland v Fiji, Wales v All Blacks, and England V Argentina - in November.

Tixserve's interactive digital ticket delivery system, which works through a smartphone app, prevents unauthorised resale or exchange of tickets and opens up opportunities for companies to engage with customers and market products and services to them. Available as a white-label solution for entertainment and sporting events, the system can provide vital event information, such as maps and directions to the stadium with transport details, and deliver matchday real-time updates.

It also eliminates fraud and touting, high fulfilment costs and limited data capture.

The company is now eyeing its entry to the US market, which Mr Kirby said was the next big landmark for Tixserve, and has a number of other partnerships in the works for the sports market.

Read the full article here.