Industry Press / 01.18.22
True Tickets Secures $5 Million in Equity Financing Led by Logitix
BOSTON--(BUSINESS WIRE)--True Tickets, a digital ticketing service revolutionizing mobile ticket distribution, announced it raised $5 million in a seed funding round. The round was led by Logitix, a ticketing technology company that maximizes sales for venues, teams, and promoters. True Tickets is pioneering the concept of controlled distribution that limits fraud and offers more control for the primary ticket issuer, including teams, venues, and promoters.
The financing cements a natural synergy between Logitix and True Tickets in the live event industry. While Logitix optimizes sales channels and accelerates revenue through dynamic pricing, True Tickets offers the ability to distribute tickets in a way that allows teams and promoters to know who attends their event, even if the ticket transfers ownership. With True Tickets, first-party ticket sellers can cater to their guests’ interests and preferences to produce a superior experience for fans.
“This is a major milestone and validation of everything we’ve done so far,” said Matt Zarracina, CEO of True Tickets. “From a growth perspective, we now have a partner in Logitix that will help us pursue the broader in-person events space. Our controlled distribution capability allows venues to place more rules around how fans access in-person events and do so at scale. Combined with Logitix’s suite of solutions, to include pricing and analytics, we can create a truly differentiated market offering to deliver exceptional in-person experiences for every fan from start to finish.”
“As the leader in optimizing ticket sales for all rights holders and creating more opportunities for fans to attend live events, Logitx is always looking to surround ourselves with innovators and disruptors,” said Stu Halberg, CEO at Logitix. “True Tickets has a solution that already flawlessly processed hundreds of thousands of transactions using IBM blockchain’s technology. Together, we’re showing the future of ticketing has arrived.”
True Tickets will use the funding to optimize product teams to deliver the service to clients and accelerate the development of new features. At the same time, the company will continue to grow its core business as a Tessitura ecosystem partner, offering its services to more than 750 arts and cultural institutions using Tessitura’s technology platform. True Tickets also will begin to explore expanding its service to the broader market, including professional sports. Logitix and ZMC add to a growing list of impressive strategic backers and partners of True Tickets which include The Shubert Organization, The Tessitura Network, and early investor Broadway Beta Ventures with Managing Director Randi Zuckerberg joining as Adviser.
"We are thrilled to support the partnership between Logitix and True Tickets,” said Ripan Kadakia, Partner at ZMC. “True Tickets secure mobile ticketing solution is a pioneering application of blockchain technology being used to address the inefficiencies and complexities of the live events industry.”
About True Tickets
True Tickets is a secure contactless digital ticketing service that can be tailored to a venue’s specific needs. Whether through its IBM blockchain-enabled service built with secondary market distribution in mind or its single-channel delivery service, True Tickets’ business-to-business solution easily integrates with existing ticketing platforms without replacing existing infrastructure. The True Tickets service empowers venues across arts, entertainment, and more to better govern how mobile tickets are transacted, reclaiming control of their tickets from the secondary market so they can more effectively manage their patrons’ experience. For additional information, please visit True-Tickets.com or follow True Tickets on Twitter or LinkedIn.
Logitix is the preeminent monetization engine and ticketing platform for the live event industry, combining optimized pricing, distribution, and inventory management with real-time insights to help sellers and buyers respond to a rapidly changing market environment. The Logitix vision is to automate the entire ticket life cycle and provide data-driven insights to serve the diverse needs of its clients. The company is backed by ZMC and is privately held. For more information about Logitix, visit Logitix.com or find them on LinkedIn.
ZMC is a leading private equity firm comprised of experienced investors and executives who invest in and manages a diverse group of media and communications enterprises. Founded in 2001, ZMC's investment philosophy centers on operational value creation driven by targeted investment themes, deep sector expertise, and strong partnerships with industry and operating executives. ZMC approaches its investments in collaboration with management teams and has a successful track record of actively adding value to portfolio companies. ZMC is currently investing out of ZMC III, L.P., which closed on $775 million in commitments. For more information, visit www.zmclp.com.
Gregory FCA on behalf of True Tickets