Music discovery and events ticketing platform DICE has gained $122m in funding from investors including SoftBank and former Apple executive Tony Fadell. The latest funding is understood to value the company at $400m.

Founded in 2014, DICE has been built on providing a mobile-first ticketing platform that combats scalping. It allows users to return unwanted tickets through its app, before returning them to sale at face-value.

DICE said the funding would be used to expand the company’s reach, hire new team members, add to its live stream offering, and launch an artist development program that will see the platform work with more artists directly on their live strategy.

“DICE is rewiring the live experiences industry. We have proven that if you treat fans well, they go out more,” said DICE CEO and founder Phil Hutcheon. “We’re overhauling an unfair, inefficient system by pioneering a transparent, data-led, fan-first approach – building a scalable ecosystem that helps artists, promoters and venues to thrive. To have SoftBank as a partner enables us to expand into every market.”

Tony Fadell, iPod inventor and iPhone co-inventor is joining the DICE board to support further platform development and expansion into venues.

He said, “The concert business is a tangled mess of archaic tools and taxing industry standards where artists are paid last. Venues shell out for marketing and are beholden to ticket conglomerates. Fans have to hunt for shows and regularly buy overpriced tickets from secondary markets or scalpers. This doesn’t make sense.

“DICE re-engineers the entire live industry, not just a part of it: Venues are connected to fans and artists. Artists get transparency, access and control. Fans easily discover local shows and global live streams, and buy scalper-safe tickets with a single click. I’m ecstatic to be joining the DICE board and to be part of another entertainment revolution.”