TicketSwap has targeted enhancements to its ethical ticket resale platform and entry into new markets after raising $10m in its first-ever funding round.

TicketSwap said the funding, courtesy of venture builder Million Monkeys, will allow it to offer its users more opportunities to discover new events, stay up-to-date with ticket sales and information, and alerts when tickets become available. Behind the scenes, the Amsterdam-headquartered operator is building technology to understand its users’ needs better, allowing them to recommend personalised events.

TicketSwap will also progress research into how ticketing operators can better handle scarce tickets for high demand events. It has been trialling a raffle technology that would allow more people to have a chance to enter and an increased chance to get a ticket.

The company, founded in 2012, said the growth capital offers it the opportunity to expand its business to new countries while reinforcing its presence in existing markets. It has collaborations for the resale of tickets with over 6,000 events worldwide, including DGTL, Sziget and Hellfest.

“We are delighted with our first funding in the existence of TicketSwap,” said Hans Ober, founder and chief executive of TicketSwap.

“Instead of having to take a step back due to COVID, we can now accelerate our growth. We are expanding to new markets and improving the quality of our service. Million Monkeys has a lot of experience in building marketplaces like ours.”

TicketSwap is an online platform where users can sell their tickets for concerts, festivals, sports events and theatres. It claims a 20-per-cent cap above face value price and verification of the vendor protects buyers from inflated prices and fake tickets.

After over a year of lockdowns and anti-COVID measures, TicketSwap said it is witnessing a surge in interest for its platform.

“We want TicketSwap to become more than a marketplace for tickets,” Ober added. “It will be a part of the anticipation for an event or day trip. TicketSwap will develop into an app that people like to use regularly to discover new artists and shows, not just when they are looking to buy tickets.”