Discounted Event Ticketing Platform Moretickets Wins USD 60 Mln Series C
36Kr.com, 7/09/18
Shanghai-based Juqi Network Technology, operator of online ticket-booking platform Moretickets.com (the platform name is Motianlun, meaning "Ferris Wheel"), recently announced completion of USD 60 mln in Series C funding led by TPG Growth with participation by Hillhouse Capital Management and prior-round investors DCM Ventures, Matrix Partners China, Blue Lake Capital, Qiming Venture Partners, and Nanshan Capital.
Motianlun differs from traditional ticketing websites in that it offers a low-price aggregation mechanism, which integrates information available from a variety of ticket sources including performance organizers, other ticket sales platforms, and individual scalpers, and automatically selects the ticket source with the best price on behalf of the user.
Motianlun uses big data analysis and machine learning algorithms to help merchants set prices dynamically based on market demand, to improve their seat occupancy rate.
In addition, Motianlun has started using VR technologies to simulate consumer's in-theater experience and help them select their seats. This feature is currently supported for dozens of cinemas.
Motianlun's ticketing business currently covers 369 cities throughout China and handles more than 100 mln transactions per month. The platform has partnerships with hundreds of merchants and a 90% merchant retention rate. Motianlun's market share is currently at 55%.
Editor's Note: For more information on this topic, please see Online Discounted Event Ticketing Platform Motianlun Raises USD 25 Mln Series B+, MD 10/31/17 issue.
Keywords: VC Internet funding DCM Ventures Matrix Partners Qiming Series C Hillhouse Capital Blue Lake Nanshan Capital Motianlun Juqi Network TPG Capital online ticketing
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