AMSTERDAM, June 2021 - Dutch ticket resale platform TicketSwap raises $10 million in funding, right on time for the post-pandemic reopening of festivals, concert venues, stadiums and theatres. The online platform allows users to safely and fairly buy and sell tickets. With their first-ever capital from Amsterdam-based venture builder Million Monkeys, TicketSwap is ready to play a key role as live entertainment opens up around the world.
TicketSwap is an online platform where users can sell their tickets for concerts, festivals, sports events and theatres. A cap on the sales price and verification of the sellers protects buyers from exorbitant prices and fake tickets. It ensures that every ticket finds a buyer that can attend the event and that fans have more chances to join their favourite event.
After over a year of lockdowns and anti-COVID measures, TicketSwap now notices a surge in interest for their platform. "We are delighted with our first funding in the existence of TicketSwap", says Hans Ober, founder and CEO of TicketSwap.
"Instead of having to take a step back due to COVID, 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 businesses like ours. And it's always nice to find an investor that's already using your platform a lot."
The Million Monkeys investment is led by Maarten Buecker Andreae. As founder of 2dehands.be (which sold to eBay in 2013), and with participation in Temper and TheNextCloset, among others, he has a lot of experience in scaling up online marketplaces.
"I use TicketSwap a lot myself", says Maarten Beucker Andreae of Million Monkeys. "It's fantastic to find a last-minute ticket for a sold-out party or festival. You can always be certain your ticket is valid, and the price is fair, which is also important for the artists. Buyers, sellers, organisers and artists, everyone gains from this system. TicketSwap is a marketplace with just winners."
The growth capital offers TicketSwap the opportunity to expand its business to new countries while reinforcing its presence in existing markets. It has collaborations for the resale of tickets with over 6,000 events worldwide, including DGTL, Sziget and Hellfest.
It also allows TicketSwap to develop new features faster. For example, TicketSwap is working on new ways to handle scarce tickets for high demand events. They have been trialling a raffle technology that would allow more people to have a chance to enter and an increased chance to get a ticket.
TicketSwap will offer its users more opportunities to discover new events, stay up-to-date about ticket sales and information, and alerts when tickets become available. Behind the scenes, TicketSwap is building technology to understand their 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.”