Self-service ticketing platform, Tix Africa has closed a six-figure pre-seed round to scale its event apps. The company also plans to expand operations to Ghana, Kenya, Uganda, and Egypt in H2 of 2021.
This raise will be used to expand the company's development team, revamp its organiser mobile app, develop additional products, and launch Tix Pro, a recurring subscription-based service that it plans to launch tomorrow.
The round was led by HoaQ — a community of creators and operators backing African startups — with participation from Buycoins' Ire Aderinokun, and several unnamed angel investors.
In 2019, The company had previously raised an undisclosed amount with funding from Lagos-based VC firm, Microtraction.
Launched in 2019 by Festival Coins and EatDrinkLagos festival creators, Folayemi Agusto and Nosa Oyegun, Tix was created to plug the gap in user data readily available to event organisers.
From running the festival since 2015, they had encountered challenges like accurately collating guest details, payments, and ticketing.
In 2018, Oyegun, Timi Ajiboye, and Opemipo Aikomo started working on what would eventually become Tix. At first, users could only buy tickets, while event organisers could only list an event for sale
However, the COVID-19 pandemic helped to kickstart other features like support for virtual events integrated with Zoom — which enabled organisers to host events on the online conference platform without a subscription — invite-only events, and custom fields for requesting specific information.
Currently, the platform makes it easy for organisers to create and monetise live or virtual events, create customisable event pages, secure payment collection via Paystack. It also gives guests a seamless way to book and attend live occasions.
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Per its statement, the team is working on developing a native virtual meeting space for its users. As part of its new development, it will also enable them to store balances in a digital wallet, which can be transferred between events for payments on the company’s RFID wristbands — a product regular attendees of the EatDrinkLagos festival will be familiar with.
According to Brookings Institution's 2018 Africa tourism potential report, by 2030, consumer spending on tourism, hospitality, and recreation in Africa is projected to reach about $261.77 billion. However, it was one of the sectors heavily hit by the pandemic.
Interestingly, Tix claims that its revenue grew 90% year-on-year in H1 2021, especially as it began offering virtual events integrated with Zoom after lockdown measures were eased.
According to Agusto, “The new capital will enable us to scale quicker and to integrate the currently separate products and services we offer, including an app offering event attendees a marketplace where they can buy, trade and resell tickets securely. We’re really excited to expand our platform to other markets across the continent, potentially enabling users to attend events they may otherwise not have known about.”
Agusto is an experienced hand in the hospitality industry, having worked in companies like Andela and Airtel Nigeria. On the other hand, Oyegun has worked in marketing and related roles in the past at companies like Stanbic IBTC and 4Twenty3 Marketing Agency.
It is this knowledge that Joe Kinvi, Managing Partner, HoaQ says spurred the community to invest.
“We are delighted to back a truly enterprising and innovative team. Folayemi and Nosa deeply understand this space and have built Tix.Africa to cater for the markets they will be serving. We are confident that their vision to adapt their offering and expand their tech team and product offerings will fuel their continued growth and development in the coming years.” he says.
