Oxynade will use a cash injection of €1.8m (£1.5m/$2.0m) to further its presence in Europe’s burgeoning eTicketing as a Service (eTaaS) sector.

The funding was provided by Newion Investments, a company that focuses on business technology and software operators in the Benelux region.

Oxynade, based in Belgium, offers an online ticketing self-service platform for event organisers, venue owners, theatres, theme parks, nightclubs and sport clubs. Already operational in eight European countries, it said the investment and support from Newion will help it further expand its market with the goal of becoming an international market leader.

Hans Nissens, founder and chief executive of Oxynade, said: “Newion Investments is the perfect partner for us to accelerate European growth. We’re excited about Newion’s cooperation with its portfolio companies. This is a 100 per cent match with the Oxynade strategy and will enable us to achieve the number one position in the eTaaS market even faster.”

The company provides a comprehensive ticketing technology platform, including a complete set of back office services such as payment processing. All services are executed under the brand name of the partners in multiple languages and currencies across Europe.

The company said that, following the new funding round, Arkafund and Vinnof will end their shareholding.

Patrick Polak, managing partner at Newion Investments, said: “We strongly believe in the team of Oxynade and are impressed by their strong combination of vision and execution. With our knowledge of B2B software companies we can help Oxynade grow towards international market leadership.”