GeoTix has received $1m (£770,000/€850,000) in financing from Boomerang-Catapult and strategic investor Casey Cowell, co-founder of U.S. Robotics.
Founded in 2015, GeoTix is a provider of software-as-a-service (SaaS) solutions, and a localised ticket sales platform, aimed at generating new, non-advertising revenue streams for media companies through local event discovery to ticket purchase.
The Michigan-headquartered company said it will use the funding to drive marketing and sales efforts and build on its media customer base that currently spans more than 20 cities across the US.
“While the market for online ticket sales continues to rise, media companies are persistently seeking approaches that will monetise content with new dollars and create greater audience development,” said Casey Cowell, principal at Boomerang-Catapult.
“GeoTix has developed a solution that elegantly addresses this need, enabling media companies to create new revenue streams based on community content they already produce.
“Furthermore, instead of consumer dollars going to a small group of national ticket sales giants or social media behemoths, those dollars stay within the local community — a win-win for both consumers and the local media companies that serve them.”
GeoTix’s ticketing platform is designed for local and regional media companies who are looking to grow both their digital portfolio and non-advertising revenue. The company’s customers include media companies in Cleveland, Detroit, Jacksonville, Louisville, Minneapolis, Omaha, and New York.
The company says that by removing the national ticket seller from the sales process, GeoTix “empowers media companies to more strongly connect with their audience, reflect their commitment to community, and leverage existing content to create new revenue streams”.
“The beauty of our solution is that we’ve made it a very natural process and there are no barriers to purchase — media companies can generate new revenue leveraging the content they already have, and the fact that consumer dollars stay local makes it all the better,” said Deb Fellows, chief executive of GeoTix.
“We’re not just providing a software solution, we’re providing a business opportunity that strengthens local media brands and builds community at the same time. We’re excited about the seed funding as it represents validation of our strategy, our technology and the market opportunity we address.”
IMAGE: GeoTix/Martin Fisch