Philippines Startup Receives Funding to Assist Expansion
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Philippines ticketing startup Ticket2Me has received fresh funding from a Singapore-based investor, as it sets its sights on overseas expansion.
As reported by BusinessWorld, Ticket2Me, which enables blockchain transactions, recently released a statement saying it secured US$350,000 in seed funding from Citystate Group Pte. Ltd., which it expects to finance plans to bring its ticket platform to more countries in the Asia-Pacific region. Citystate comprises a diversified group of firms with experience in areas such as general insurance, travel companies, and property management with a presence in Singapore, Malaysia, Indonesia, India, Hong Kong, and China.
Darwin D. Mariano, founder and CEO of Ticket2Me, said the company was convinced that event organizers and ticket buyers in the region were both “hungry and ready” for event ticketing innovation.
He also said the technology is currently used for transaction security and safeguarding records integrity, but noted plans to implement a blockchain-based payment, discount, and rewards system as well.
Additionally, Mariano said the use of blockchain for ticketing was expected to ensure heightened security for event organizers as well as purchasing convenience for customers. Moreover, the system allows all connected event organizers and producers throughout the country to mobilize their ticket inventories, thereby ensuring the best possible prices as well as the highest possible attendance rates at events. This is accomplished by integrating convenient cash and online payment options with equipment-free entry management and real-time audience data and analytics, enabling transactions through PayPal and major credit cards services.
Ticket2Me, the first blockchain-enabled ticketing platform in Southeast Asia, began operations in May 2018 and has since launched over 11,000 payment outlets nationwide, in addition to its website and mobile application.