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Thursday, February 29, 2024

Ticket2Me to raise $750,000 (P40.5 million) for global expansion

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Philippine blockchain-enabled ticketing startup Ticket2Me plans to raise $750,000 (P40.5 million) in fresh funding this year to finance its global expansion. 

Ticket2Me Founder  Darwin Mariano said in an interview that the company has started its Series A Funding Round for a small number of qualified investors to help the implementation of its expansion plans. 

Mariano said the company is targeting to raise around $750,000 to support its global expansion. 

“The first target expansion will be in Singapore because we already have Singaporean partners,” he said. 

The Philippines’ first fully digital ticketing and video platform for online and offline events announced  on Friday the investment of Filipino Actor Enrique Gil and his manager Ranvel Rufino  in Ticket2Me’s parent company in Singapore. 

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“Post investment they [Gil and Rufino] will be owning 4 percent in Ticket2Me,” Mariano said, adding that the total investment of the two amounted to P12 million. 

He said the money will be used for continued technology enhancements and expansion of Ticket2Me, which has an estimated valuation of P300 million. 

Ticket2Me  secured a $350,000 (P18 million) seed funding from Singapore-based Citystate Group Pte. Ltd. in 2019.

Gil and Rufino will receive proportionate equity in the company, with Ranvel taking a seat on the company’s board and Enrique becoming Ticket2Me’s new CMO.

“Not a lot of people know that I’ve actually been very strategic about my investments, even during the time when I was very active in the entertainment industry. For me, joining Ticket2Me is one way I can give back to Filipino fans – by connecting them directly with the artists and celebrities they love but also to help my fellow artists, performers and producers – so that they have a more efficient and a more powerful way of ticketing and monetizing their events,” Gil said. 

Ticket2Me Chief Executive Julie Bautista said Gil’s addition to Ticket2Me’s management team cements their position as the leading independent event ticketing company in the country. 

“We have been continuously investing to improve Ticket2Me’s technology, and we want more fans to experience better, more convenient event ticketing that won’t require them to have to physically line up to redeem tickets from physical outlets or force them to choose from among very limited payment options,” she said.

Bautista said the company is optimistic about the company’s growth outlook with the re-opening of the Philippine economy. 

In 2018, Ticket2Me exceeded the P5 million sales mark just six months after the platform went live and has now surpassed the P100 million barrier, achieving P145 million topline sales as of July 2023.  

Ticket2Me has issued over 680,000 tickets to more than 150,000 users and has worked with over 450 organizers and producers to date.

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