Toronto-based ticketing solutions platform FanXchange has raised $5 million in a Series B financing. Azure Capital Partners and Plaza Ventures invested in the round alongside existing backers, including Gibraltar & Co, which led FanXchange’s Series A round in May 2014. With the financing, Dan Park, principal and head of Canadian investments at San Francisco’s Azure, has joined the company’s board. Founded in 2009, FanXchange provides a business-to-business offering that helps consumers access tickets for major sports, concert and theater events in North America. It plans to use the funds raised to enhance products and technology available to its partners.
PRESS RELEASE
FanXchange Announces Series B Financing to Meet Growing Market Demand for its B2B Offering
TORONTO, June 2, 2016 /CNW/ – FanXchange, the B2B industry leader in powering white-labeled live event ticketing solutions for major loyalty programs, financial institutions, distribution partners and ecommerce marketplaces, has closed a $5 million round of funding from Azure Capital Partners and Plaza Ventures with participation from existing investors including Gibraltar & Company.
The proceeds will be used to enhance the current suite of products and technology available to FanXchange’s partners while delivering an even richer user experience to the consumer. FanXchange powers substantial revenue opportunities for its partners through the sale of tickets to premium sports, concerts and theatre events across North America.
“Our focus is on servicing both our B2B partners and the end-consumer; we’re providing the consumer access to premium live event tickets as well as ancillary products and offerings related to those live events, while providing our partners with best-in-class infrastructure to support the offering,” said Brandon Koffler, CEO of FanXchange.
Koffler continued, “While other major secondary ticket providers focus on the consumer facing market, we’ve quickly become the dominant player in the B2B space; signing exclusive high-profile deals and currently powering custom ticketing solutions for several of North America’s most notable brands.”
Dan Park, Principal and Head of Canadian Investments at Azure Capital Partners who now joins the board of directors in conjunction with the financing, said, “FanXchange is driving incredible growth by delivering immediate value to its partners. We believe FanXchange has the platform, the leadership and the vision to expand its offering across multiple distribution verticals and geographies. We are thrilled to back Brandon and his team as they continue on their strong growth trajectory.”
“We have followed FanXchange over the last few years and they have done an outstanding job building a fast growing, profitable business”, said Rob Richards, Managing Partner and Co-Founder of Plaza Ventures. “We are delighted to join the team and we look forward to providing the strategic advice and business relationships to accelerate the company’s growth.”
About Azure
Founded in 2000, Azure is a San Francisco-based venture capital firm with over $750 million under management. Azure invests in early stage technology companies that are at the forefront of a transformative opportunity for growth. Azure’s partners have served as trusted advisors to some of the most successful and important technology companies created in the last decade, including VMware, Bill Me Later (acquired by eBay), Calix, Cyan, Top Tier (acquired by SAP), World Wide Packets (acquired by Ciena) and TripIt (acquired by Concur). The Azure team is recognized for industry thought leadership, a broad network of powerful industry relationships, and a unique professional investment approach to venture investing. The team passionately supports its portfolio companies with active guidance in all key aspects of team building, strategy, operations, and governance. For more information, visit www.azurecap.com.
About Plaza Ventures
Plaza Ventures builds opportunity by design, investing in high-growth technology companies with a successful sales model, sound unit economics and positive cash flow. The PV Investment Partner Program co-invests private capital with corporate and institutional capital alongside other VCs and family offices, and applies the experience of its successful entrepreneur LPs to build enterprise value. Read more at www.PlazaVentures.ca and www.linkedin.com/company/plaza-ventures.
About FanXchange
Founded in 2009, FanXchange is the B2B industry leader in powering white labeled live event ticketing solutions for major loyalty programs, financial institutions, distribution partners and e-commerce marketplaces; providing their users with access to tickets for every major sports, concert and theater event in North America. For more information, visit http://b2b.fanxchange.com
Photo courtesy of Reuters
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