Tix Africa has raised a six-figure pre-seed round to help it scale its products
Tix Africa has raised a six-figure pre-seed round to help it scale its products
Tix Africa, a Nigerian self-service ticketing startup, has closed a pre-seed funding round valued at six figures. HoaQ led the financing round, which included participation from a number of private equity investors.
This latest round of funding will enable Tix Africa to scale its event app technology. In addition, the startup intends to begin its expansion drive roughly a year after announcing. Likewise, this fund will be used to expand the company's operations into Ghana, Egypt, Kenya, and other East African countries over the next few months.
Event organization is becoming increasingly difficult, even more so now that the majority of people barely have enough time to devote to it. According to experts, some common event organization problems include a lack of proper activity prioritization, an inability to manage an excessive number of guests, an absence of an event management process, insufficient time for setup and breakdown, and a painful lack of experience.
Folayemi Agusto and Nosa Oregun founded Tix Africa in 2019 to address the challenges associated with ticketing live events in Lagos. Their resolve came as a result of the difficulties associated with accurately collating guest information, processing payments, and ticketing events.
Under the company's original name of Festival Coins, the founders created Tix to address a gap in user data readily available to event organizers. Currently, the platform enables organizers to easily create and monetize live or virtual events by providing a customizable event page, secure payment collection via Paystack, and a seamless way for guests to book and attend live events.
Goal of this Startup
Folayemi Agusto, CEO of Tix Africa, stated that the startup's goal is to provide users with an exceptional experience from the time tickets are purchased to the time of the event.
“Nobody does private gatherings, public events, or festivals the way Nigerians do. We want to continue providing the best technology-enabled solution for event organizers and attendees, ensuring that each event is a seamless, accessible experience from the moment tickets are purchased to arriving and gaining entry to the event itself,” she said.
The CEO stated that the new capital will be used to expand Tix Africa's development team, revamp its organizer mobile app, develop new products, and launch Tix Pro – a paid version of Tix available via recurring subscription.
Furthermore, the company intends to expand into Kenya, Ghana, Uganda, and Egypt in the second half of 2021.
Also, Tix Africa has been working to integrate virtual events with Zoom and to develop Tix Africa's own native virtual meeting space for its users. Tix's new development will also enable users to store balances in a digital wallet and transfer them between events for use with the company's RFID wristbands.
According to the company, revenue increased by 90% year over year in H1 2021.
Joe Kinvi, Managing Partner at HoaQ, stated that the company is delighted to support the founders and their innovative team, which has a thorough understanding of the market and has built Tix.Africa to serve it.
“We are confident that their vision to adapt their offering and expand their tech team and product offerings in the coming years will fuel their continued growth and development,” he said.
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