Ticketing-as-a-Service software provider Red61 closes a late seed investment round, signs key new clients & plans for further growth with a Series A round
Completing this late seed funding round is validation of what the team at Red61 has achieved and shows the confidence that our funding partners have in what we\'re doing and where we\'re taking the company.
EDINBURGH, Scotland, May 18, 2021 /PRNewswire/ -- Red61, the Edinburgh based Ticketing-as-a-Service provider has secured a £1.4m funding package from Scottish investors.
The company provides robust and scalable ticketing, CRM and audience insight solutions to some of the world's largest and most dynamic live entertainment brands including the Edinburgh Festival Fringe, which is the largest arts festival in the world with 3 million visitors annually.
As the industry re-emerges from the difficulties of 2020, Red61 continues its growth around the world, especially in the Asia/Pacific region where the Red61 platform has processed 1 million tickets in the first quarter of 2021.
In addition, the company has recently signed a number of exciting new clients:
- Venues & Councils around the globe:
a. St Lawrence Parkway Commission (Canada)
b. City of Moncton (Canada)
c. Country Arts SA (Australia)
d. The West Gippsland Arts Centre (Australia). - Fringe festivals:
a. Sydney, Australia
b. Vancouver, Canada
c. Calgary, Canada
d. Hamilton, Canada
e. Montreal Fringe, Canada/Mainline Theatre, Canada (which uses Red61's new multilingual solution).
In reaction to these latest developments, Red61 CEO and founder Tony Davey has commented:
"Securing any funding during a pandemic that has had a huge effect on our industry was always going to be a challenge. Completing this late seed funding round is validation of what the team at Red61 has achieved and shows the confidence that our funding partners have in what we're doing and where we're taking the company."
The late seed funding round was led by venture capitalists Par Equity in partnership with the Scottish Investment Bank.
Paul Atkinson, founding partner of Par Equity said:
"We are excited about the momentum that Tony and his team have continued to push forward in 2021 and we've been impressed with Red61's growth in new markets. The way in which Red61 has navigated an incredibly challenging period and has moved from strength to strength is a true testament to their ongoing potential."
The latest investment is a key step in the company's overall growth strategy and is an encouraging precursor to Red61's planned Series A round. Red61 has retained Lazarus Consulting, the boutique corporate finance advisory firm to handle its Series A funding round and investor interest has already been received.
Notes to Editors:
About Red61:
Red61 is an Edinburgh based ticketing-as-a-service provider which provides robust and scalable ticketing, CRM and audience insight solutions to some of the world's largest and most dynamic live entertainment brands including the Edinburgh Festival Fringe, which is the largest arts festival in the world with 3 million visitors annually.
The company is focused on accelerated time to market delivery; development of their exciting product vision and continued support of ongoing global client acquisitions. Please visit www.red61.com for further information.
About Par Equity:
Par Equity is a leading, early-stage venture capital firm, investing in innovative, high growth technology companies. Based in Edinburgh, Par Equity focuses on the very best opportunities in the North of the UK and has backed more than 60 companies across Northern Ireland, Northern England and Scotland.
Par's investment activities are supported by the Scottish Investment Bank, of which Par is a tier 1 co-investment partner, and the British Business Bank, through its commercial subsidiary British Business Investments, launching a £75m investment programme in 2020 to develop high growth technology companies across the North of the UK.
Par Equity won the "Highly Commended" runner up award for Best EIS Manager of the Year at the EIS Association Awards 2020, as well as winning a hat-trick of awards recognising the firm's exit from online educator ICS Learn – 'Best EIS Investment Exit' at the EIS Association Awards 2019, 'Exit of the Year' at the Growth Investor Awards 2018 and 'Best Exit of the Year' at Investment Week's Tax Efficiency Awards 2018. The firm was also a finalist for the Best EIS Investment Manager award at the 2019 Growth Investor Awards.
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