Chinese online event ticket sales start-up Tking.cn has raised $10m (£8m/€9.4m) during a funding round.
Tking operates online ticketing exchange platform Niumowang, which has been described as China's answer to Stubhub. Since its establishment, Tking.cn has attracted more than 500,000 users and has partnerships with hundreds of ticket agents and performance companies in China.
Matrix Partners China, DCM Ventures and Nanshan Capital have invested the money in the series A and series A round. Tking was founded by a former engineer at Morgan Stanley who helped design the bank's trading system.
The online event ticket marketplace in China is currently dominated by a few larger players, including Maoyan, the merged Gewara and Wepiao, Alibaba's Taobao online ticketing arm and Mtime, each taking a 36 per cent, 30 per cent, 6 per cent and 6 per cent market share, respectively, according to Credit Suisse.
Tking.cn connects event ticket aggregators and wholesalers directly with the end users, therefore enabling discounts to consumers. Around 90 per cent of the tickets listed on its platform offer discounted prices.
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