RED61 CLOSES LATE SEED FUNDING ROUND & LAUNCHES SERIES A FUNDING ROUND
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
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:
St Lawrence Parkway Commission (Canada)
City of Moncton (Canada)
Country Arts SA (Australia)
The West Gippsland Arts Centre (Australia)
Fringe festivals:
Sydney, Australia
Vancouver, Canada
Calgary, Canada
Hamilton, Canada
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.
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.