The firm said it will use the proceeds to expand its team and build partnerships with merchants and event organisers across verticals and through the region.
A company representative told this portal that the investment rationale behind this for investors lay in it being a new market, with “no existing player in the S.E.A region who can do cross-border experience booking.”
Hapz is looking to expand into neighbouring countries in Southeast Asia, with Malaysia, Indonesia and Philippines being strong contenders, though no market has been specified. It also told DEALSTREETASIA that for its liquidity event, it was targeting a trade sale to a larger “live” entertainment entity.
Hapz claims to be the first platform in Southeast Asia to curate events from across multiple verticals and provide end to-end services to its customers including event discovery, ticket sales, exclusive deals and customer support. The platform aggregates the top hundred events happening in Singapore, saving customers time and enabling easy comparison and efficient planning of activities.
Commenting on the investment, Michael Blakey, Managing Partner, Cocoon Capital said, “We believe that Hapz has the potential to build the number one experience booking platform in Asia. The Hapz team is executing at lightning speed and Cocoon Capital is very proud to join their journey.”
The platform’s proprietary dynamic pricing system allows customers to decide on a price they are willing to pay for an event that interests them. If the price falls within the acceptable range generated by the system, the consumer is immediately notified on the confirmation of the transaction.
In addition to enabling events discovery for its users, Hapz also provides event organisers with real-time insights on demographics, pricing data and how they compare to other events.
As users interact with different events, the platform the ability to understand user preferences better and target them with relevant events and deals. According to CTO and co-founder Lai Xin Chu, “Hapz leverages machine learning to generate real time insights about our customers’ choices and purchase behaviour.”
Since its launch in May 2017, Hapz claims to have more than 8,500 sign-ups in Singapore. It also partners with corporates like General Electric in Singapore to provide its services as part of the corporation’s employee benefits program.
Looking at long-term growth within the event space, Hapz told this portal: “We believe that each event vertical in itself has massive revenue potential, which would naturally attract new players. In ticketing alone, we can see numerous new players coming in to cater to specific event requirements in the different verticals. What we are doing is cross-vertical and focused more on understanding what the market wants and making them more accessible to the modern consumer.”
They add, “Verticals-wise – we have 5 on our platform right now (concerts, attractions, sports, festivals, performances) and will continue to focus on them for them for the near-future.”