The Ticket Fairy has launched its cloud-based events platform after bringing in $2.5m in new funding.
The San Francisco-headquartered firm’s self-service solution, combining ticketing, marketing and management, is now available for event organisers in North America, Oceania, the UK, Europe and India following a successful test period.
Developed by brothers Jigar and Ritesh Patel, with teams currently in California, London, Auckland and Mumbai, the Ticket Fairy platform allows organisers to “better monetise and manage events within one highly-scalable self-service system”.
It claims that organisers are able to sign up, create an event and publish it in less than 10 minutes.
“Ticket Fairy’s platform is unlike any events platform in the market,” said Ritesh Patel, chief executive of The Ticket Fairy. “We aim to grow the events industry by offering promoters a premium service that provides increased awareness, attendance, engagement, customer loyalty and revenue across all aspects of their events.”
The invitation-only phase of the platform has sold more than 850,000 tickets to the general public, grossing $68m. The company notes that it has been shown to generate 10-25 per cent increased ticket revenue for event organisers through its patent-pending “waterfall” referral marketing and rewards system.
The Ticket Fairy said its technology mitigates resale fraud and scalping by providing a single, closed-loop, primary and face-value-only secondary ticketing system, which has been operational since 2014. The technology matches late buyers and sellers automatically, provides an escrow-like workflow to avoid direct money transfer between strangers, and cancels the original ticket once sold.
The Ticket Fairy said it has recently closed its pre-Series A round, raising $2.5m from technology and entertainment investors which, combined with previous funding.