TPG Growth, the global middle market and growth equity platform of TPG, has led a $60 million series C funding round in China’s online ticketing platform Moretickets.
Hillhouse Capital and existing investors DCM, Matrix Partners, Blue Lake Capital and Nanshan Capital also participated in this round, according to TPG’s announcement.
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.
“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,” said Moretickets founder Jeff Cui.
Live programs (concerts, sporting event and original theatre) have become an integral part of China’s consumer culture that one of the reasons drives TPG’s investment in Moretickets, TPG Growth told DEALSTREETASIA in an interaction, adding that the fund and Moretickets will look to further capitalize on the growing industry.
Founded in 2015, Moretickets.com allows competitive ticket sourcing and provides a transparent pricing mechanism as well as standardized ticketing services.
Operating across 369 cities in China, latest figures show Moretickets recorded monthly sales of more than RMB100 million ($14.9 million), and 90 per cent of the tickets for live entertainment events featured on its website were sold at discounted rates.
TPG Growth is the middle market and growth equity investment platform of TPG which has approximately $13.2 billion of assets under management. TPG Growth targets investments in a broad range of industries and geographies. The firm is backed by the resources of TPG, which has approximately $84 billion of assets under management.