Adelaide-headquartered MyVenue has received major financial backing from family office and growth equity firm, Greater Sum Ventures (GSV).
MyVenue provides point-of-sale (POS) technology for sports and entertainment venues that sell food, beverages, memorabilia and merchandise. The additional capital and specialised resources from GSV will be used to accelerate global growth, and research and development initiatives. The financial injection will also fuel its in-house software development and leadership teams.
Founded in 2020, MyVenue’s POS solution powers billions of dollars in credit card transactions annually across almost 200 global sports and entertainment venues, including Dodger Stadium in Los Angeles and Miami’s Hard Rock Stadium, as well as attractions like Traders Village Grand Prairie and major live entertainment venues such as the Sphere in Las Vegas.
GSV is headquartered in Knoxville, Tennessee in the US, and the partnership was facilitated through Atlanta-based financial advisors TI Partners, and supported by lead counsel Kain Lawyers and corporate accountants William Buck.
Terms of the deal were not disclosed.
“We’re impressed with MyVenue’s fast, scalable point-of-sale technology that’s improved guest experiences and helped venue operators maximise their sales revenue,” said Ross Croley, chief executive and founder of GSV.
“With significant commercial momentum and a strong financial profile, MyVenue has exciting growth opportunities ahead.”
MyVenue’s comprehensive offering includes hardware-agnostic POS, queue-busting technology like mobile ordering, self-service kiosks, and in-seat POS, as well as an online suite catering portal, and an event-driven back office with real-time dashboards, reports and inventory management.
“As sports teams and event venues seek to enhance all facets of operations and profitability, MyVenue is delivering powerful solutions that provide greater versatility,” said Tim Stollznow, CEO of MyVenue.
“This investment amplifies our ability to meet the market’s growing needs through advanced technology and support capabilities. We’re excited by GSV’s confidence and partnership as we extend our next-generation products to more venues globally.”
Stollznow and MyVenue’s executives will continue to spearhead the South Australian company’s operations.