SAN FRANCISCO (CelebrityAccess) — Venue technology company VenueNext reported that it has raised $9 million in a Series A round of financing from Causeway Media Partners with participation from Live Nation Entertainment, Twitter Ventures, Aruba Networks and other investors.
VenueNext provides technology that allows venues to interconnect ated venue systems such as location services, ticketing, points of sale and concessionaire services to provide data to venue management in real time.
The technology also includes a smartphone app for guests, allowing them to connect to the system for services such as in-seat food, drinks and merchandise delivery, and more.
The company's flagship rollout of their technology was in Levi’s Stadium in 2014 and the company reports a higher (30%) than industry average adoption rate (5%) for the app and metrics such as a 5% reduction in food & beverage costs and sales through in-app purchases topping $1.25 million.
“It has been an exciting run since September, where we have received unprecedented interest from all types of venues globally, from live sporting and entertainment event locations, to hotels, transit centers and theme parks,” said John Paul, CEO & Founder at VenueNext. “The market is ready for what we are offering, and we will use the funds to expand the team and deploy our proven approach to unifying systems at over 30 different types of venues alone in 2015.” – Staff Writers
