CHINA (CelebrityAccess) – Chinese ticket resale platform Moretickets has raised an additional $60m USD in a series-C funding round led by CAA investor TPG Capital.
Joining Hillhouse Capital and existing investors DCM, Matrix Partners, Blue Lake Capital and Nanshan Capital, TPG’s investment brings Moretickets’ total funding to a reported $100m.
“Through integrated technological know how and deep expertise in online event ticketing, Moretickets has been able to create a quality service product offering and secure its industry-leading position in terms of scale, reputation, industry penetration, user experience and operational efficiency,” says Chang Sun, TPG’s managing partner in China.
“Live programmes such as concerts, sporting events and original theatre have become an integral part of China’s consumer culture, and we are very excited to be starting this new relationship with Moretickets as they look to further capitalize on this growing industry.”
According to China Money Network, Moretickets currently operates in 369 cities in China, processing monthly sales worth over ￥100m (US$15m).