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FanDragon raises $12m to tackle ticket fraud through blockchain

US-based startup FanDragon Technologies has launched with $12m in funding to develop blockchain-backed ticket delivery solutions for events and destinations to tackle ticketing fraud.

The firm will leverage the Aventus digital assets-focused blockchain protocol to combat touts and grow revenue through what is says will be an improved fan experience.

FanDragon will create SaaS tools and mobile products to combat fraud and scalping across the full spectrum of ticketing markets – providing sports, music, theatre, cinema, family entertainment, fandom events and theme park ticket sellers additional data, transparency and control over the process.

Technology expert and entrepreneur Robert Weiss will lead the firm.

An Aventus survey found that 12 per cent of people purchased a fraudulent ticket online and two-thirds are afraid of buying a fake ticket.

Weiss said: “I am honoured to be leading FanDragon. This is an exciting time to be innovating in the ticketing space. Fans and rightsholders need help. Everyone is negatively impacted by software bots and scalpers that drive up prices, counterfeiting organisations that scam venues and fans and the overall lack of transparency in the ticketing industry today.

“We need a better way to protect the fan experience and decrease fraud. The FanDragon team is thrilled to provide all that through our unique technology and forever improve the ticket-delivery experience.”

Aventus founders Annika Monariand Alan Vey said they see FanDragon Technologies as the primary portal through which ticketing stakeholders can leverage the Aventus Protocol.

Vey said: “We are excited to announce the formation of FanDragon Technologies and we are thrilled to have Rob leading the charge. The ticketing experience today is broken and in need of disruption.

“We created the Aventus Protocol with the goal of addressing consumer frustration, giving talent and venues the option of enforcing pricing, and improving confidence around selling and buying tickets. FanDragon is uniquely positioned to take our flagship technology and deliver solutions that empower buyers and sellers. Even more, Rob’s experience building businesses and leading successful executive teams will bring our vision of an improved mobile ticketing industry to life.”