Spanish platform TicketsNet has received government-backed credit to finance the development of its ticketing management tool.
The Madrid-based firm, which sells tickets for live shows and attractions across Spain, has accessed cash from the Official Credit Institute (OCI), a public bank attached to the Ministry of Economy, Industry and Competitiveness.
TicketsNet said that after studying several financing options, including the possibility of private investors, the ICO line was chosen in order to obtain capital without having to accept a new partner into the company.
"The back office tool has taken a giant step with the incorporation of the 100% online box office that allows promoters and event managers to have an agile and complete system to manage access to shows and events," said TicketsNet co-founders Raúl Fuente and Antonio Carrión.
"Adding the tool for access control and ticket validation allows us to manage larger events due to the speed and security we offer our customers."
TicketsNet experienced a 150 per cent increase in sales during 2016, and in 2017 is looking to expand its catalogue of events and venues. It is also to enter the Italian market during the first half of the new year.
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