Virtual events have witnessed high growth over the last year under the impact of the Covid-19 pandemic and many industry players have strengthened their digital presence. However, the global events industry is expected to stabilise after 2023. As per a report, the events industry, which was valued at $1,135.4B in 2019, is expected to reach $1,552.9B by 2028, at a CAGR of 11.2 per cent from 2021 to 2028.
According to London-based investor SeedCamp, the events and experiences category is growing faster than the overall travel market. But the space is made up of suppliers or reservation platforms that often focus on specific genres and/or geographies. This is where London-based Tickitto is looking to leave its mark.
Tickitto is a travel tech company that aims to help travel retailers access tickets to events and travel-related experiences through one single connection.
Tickitto raises funding
In a recent development, Tickitto announced that it has raised an oversubscribed $4.5M (approx €3.79M) in its Seed round of funding. The round was led by Berlin-based Vorwerk Ventures with participation from TriplePoint.
In addition, a number of existing investors, including early-stage investor SeedCamp, have also participated in this round.
Other investors include Martin Gould, head of product for Spotify’s content platform; ComplyAdvantage CEO Charles Delingpole; Universal Studio’s former VP of Business Development Jonny Moran; Revolut Business’ former CEO Richard Davis; and GoCardless Founder Matt Robinson.
Speaking on the development, founder Dana Lattouf says, “ We’ll be using the funds to hire heavyweight partnership development teams and to invest in data infrastructure which will help Tickitto’s clients provide a level of personalised service previously unavailable in the ticketing industry.”
In June 2020, the company had raised $700K (approx €590K) in its pre-Seed round led by SeedCamp.
“Tickets for everything, everywhere”
Founded in 2017, Tickitto wants to solve complex supply problems by creating ‘Open Ticketing’ design principles, similar to those that have revolutionised consumer banking.
The company has developed an API that draws ticketing supply data, including real-time availability, from 325 sources around the world. It is working with platforms across Europe, North America, MENA, and Asia. The company says, “Our interface provides the most direct route for consumers to buy tickets from the brands they love.”
Tickitto claims to have designed a way for platforms to incorporate the supply of ticketed events to their customers at 1 per cent of the effort it would traditionally take.
The company has also confirmed the official launch of a B2B marketplace for tickets to sports, music, theatre, and cultural experiences via its REST API. The marketplace will be distributed via Amadeus, and European travel operators Él Viajas Corte Ingles and Carrefour Voyages.