TPG Growth Leads US$60 million Series C financing in Moretickets
Beijing, San Francisco, and Fort Worth - July 10, 2018 – TPG Growth, the middle-market and growth equity platform within leading global alternative asset firm TPG, today announced it has led a US$60 million Series C round of financing in Moretickets, China’s leading online ticketing platform. Proceeds of the funding will be used to further improve and advance Moretickets’ online ticket platform while continuing to provide more discounted tickets across an array of live entertainment events for users. Hillhouse Capital and existing investors DCM, Matrix Partners, Blue Lake Capital and Nanshan Capital also participated in this round.
Moretickets founder Jeff Cui said, “This Series C financing is a huge vote of confidence toward Moretickets’ growing platform. This additional fundraising will enable us to further accelerate and enhance our efforts to create a more reliable, convenient and customized user experience. We will continue to provide more discounted tickets for our users so that more people have the opportunity to enjoy live entertainment events.”
Online entertainment ticket sales have shown robust growth in recent years and are expected to continue growing, particularly among the younger generation. Operating across 369 cities in China, latest figures show Moretickets recorded monthly sales of more than 100 million yuan, and 90% of the tickets for live entertainment events featured on its website were sold at discounted rates. This not only increased attendance rates for those events by 15-20%, but also saved a total of more than 100 million yuan for Moretickets customers.
“Through integrated technology 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,” said Chang Sun, TPG Managing Partner, China. “Live programs such as concerts, sporting events and original theater 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.”
TPG was one of the first private equity firms to invest in Asia, beginning with its first dedicated fund in 1994. TPG takes a thematic approach towards sourcing investments and aims to identify innovative companies that are aligning with interesting societal and marketing trends. The firm has significant experience investing in some of today’s most dynamic companies in entertainment consumption, including Creative Artists Agency, Cirque Du Soleil, STX Entertainment and Gametime.
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $13.2 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has approximately $84 billion of assets under management. For more information, visit www.tpg.com.
Founded in July 2015, Moretickets.com is China’s the leading online ticketing platform that allows for competitive ticket sourcing, and provides a transparent pricing mechanism as well as efficient, standardized ticketing services. Today, over 90% of tickets sold on Moretickets are offered at discounted rates, allowing more customers to have the opportunity to enjoy live entertainment as a lower cost. For more information, visit www.moretickets.com.