Tix ID Invests in Singapore’s Entertainment Startup, PouchNation
Tix ID’s online ticketing platform invests in Singapore’s entertainment startup, PouchNation, in a Series B funding round without mentioning the amount of funds. Through this new partnership, Tix ID users can not only buy cinema tickets but also various event tickets starting in March 2020.
Meanwhile PouchNation CEO Ilya Kravtsov said the partnership allowed event promoters to distribute their tickets on Tix ID and work with the company’s field team.
“Our company’s vision is to build the largest technological experience ecosystem in Southeast Asia,” Ilya Kravtsov said, as quoted by Tech In Asia, Thursday (13/2). Tix ID currently has more than 10 million registered users with 5 million monthly active users. This application reaches more than 80% of cinemas in Indonesia.
From 2019 to 2024, PouchNation is estimated to grow from US $ 5.7 billion to US $ 11.4 billion with the CAGR (compound annual growth rate) is estimated at 15%.
The company is also rumored to have increased demand in the automation of event planning, management, marketing, and other related processes. PouchNation previously announced the acquisition of series B funding led by Traveloka and SPH Ventures in June last year.
This startup was established in 2014 with the initial business of providing non-cash payment services at various events. Now, the company is developing services to become a one-stop solution provider for events.
Services provided include tickets, security access control, payment, brand holder activation, data collection, and others. Until now, the company has operated in Singapore, the Philippines, Indonesia, Malaysia, Vietnam, and Thailand. PouchNation provides PouchEvents, PouchVenues, and PouchDigital services.
This Funding is a Series B funding for PouchNATION
Not disclosed how much the investment. However, this corporate action will open up strategic cooperation between companies. One of them is TIX ID will buy and sell event tickets in its service, which later will also be supported by QR Code and NFCNT’s reliable PouchNATION technology solutions.
“This collaboration will facilitate the management of an event to be very effective,” TIX ID Managing Director Sean Kim said in a press conference on Thursday (2/13/2020), in Jakarta.
CEO of PouchNATION, Ilya Kravtsov, revealed that this investment can sharpen the position of its startup business in terms of digitizing event management. “We will allocate the investment to develop the system so that it is more sophisticated,” he said.
According to him, digitizing the management of the activity, especially in data collection, payment, and access control becomes very important. “All activities in the event have all become more measurable,” Kravtsov said.
TIX ID Will Expands to Event Ticket Sales
Along with the funding, his party will expand the sales of Event Tickets. TIX ID Managing Director Sean Kim explained that this collaboration will give users the choice of purchasing tickets online, in addition to the cinema.
The service expansion is carried out because it feels that TIX ID has become a strong platform in selling Tickets online. “Basically the platform will be the same, there are also many databases, why not (add ticket options),” he said in a press conference on Thursday (02/13/2020), in Jakarta.
In the near future, he continued, users can purchase Event Tickets that take place in March 2020. Sean said that his office will also work with Event promoters. So users will be able to buy tickets for events such as music festivals online.
The market of event management software is expected to grow from 2019 to 2024. The demand for event planning, management, marketing, and other process automation will grow. It’s expected to grow at 15% CAGR.
Previously, Pouchnation had received series B funding from an Indonesian startup, Traveloka for an undisclosed amount.