Ticket Fairy is expanding its global financing initiative, which the company says will “unlock funding of up to £5M in the UK, €3M across Europe and $3M in the US, for venues, festivals and events promoters.”
Ticket Fairy will now be able to provide funding to festivals, events and venues of up to £5 million per client in the UK, up to €3 million per client in Spain, Netherlands, Belgium and Ireland, and up to $3 million per client in the United States, says the company.
Alongside this new round of funding, Ticket Fairy has also announced its Revolving Line of Credit facility in the US, which will provide up to $100,000 per client. This is designed for promoters to cover upfront expenses, scale festivals, invest in marketing and more.
As an end-to-end ticketing, marketing and event management platform, Ticket Fairy says it has globally sold over $300 million in tickets for world events such as TwitchCon, Mayan Warrior, Papaya Playa Project, Monstercat and more.
In a joint statement, Ritesh Patel and Jigar Patel, co-CEO of Ticket Fairy, said: “The events industry has always been a tough place to survive, but for many it’s now harder than ever. With a behavioural shift to last minute ticket purchases, promoters and venues have tighter working capital and cashflow to pay artist deposits and other upfront expenses.”
Jigar Patel added: “Capital opens the door to hundreds of millions in financial support for event creators at a time when banks and traditional lenders close theirs. Paired with an industry-leading platform for increasing revenue and engagement, and streamlining operations, events now have the all-in-one solution that simply never existed before.”
