Sydney-headquartered ticketing marketplace Tixel has raised Aus$1.5m in new capital which will be used for expansion and product enhancements.
Investors in the round include Alberts, the Australian music business and impact investor, and other independent music businesses including Future Classic and I OH YOU.
Tixel, which caps resale prices at 10 per cent above face value, said the new injection of capital will enable scaling of the platform to meet an expected increase in demand for resold tickets, and expanding the breadth of solutions that will further support event organisers looking to streamline their operations and drive incremental ticket sales.
Much of Tixel’s ticket inventory currently exists in Australia and New Zealand, with further growth in the UK and US markets expected in the back half of 2021 as the in-person events industry recovers. Tixel’s festival, venue and promoter partners include Beyond the Valley, Strawberry Fields, The Corner Hotel, and The Teskey Brothers.
“The entire music and live entertainment industry has suffered beyond measure this last year and our team is incredibly grateful to have been able to weather the storm,” said Zac Leigh, co-founder and chief executive of Tixel, which was launched in 2018.
“We’re feeling optimistic about the steep uptick in demand we’re seeing on Tixel from fans wanting to see their favourite musicians, artists, comedians, and sports stars.
“Our investment partners share this optimism and know that a safe and honest place for fans to buy and to resell tickets is a critical need both today, as our plan-making remains fluid, and into the future.”
Alberts chief executive David Albert will join Tixel’s board following the capital raise.
“At the heart of every investment we make is the goal to back pioneers who share our vision for a better tomorrow,” said Albert.
“A core pillar of our impact thesis is contributing to a vibrant culture. Tixel is a great example of this and sits within our arts, music and entertainment theme. It helps to bring fairness to a market that can attract exorbitant pricing, and safety to transactions that have the potential to be fraudulent.
“Having an independent ethical ticket resale marketplace in Australia can mean more fans at shows, more bar and merch sales for our venues and importantly an all-round better experience for everyone involved.”