PlayPass, which provides RFID and cashless payment solutions at festivals and live events, has secured €1.9m in funding from Dutch venture capital fund Newion Investments.
With a client list including Live Nation, AEG Presents, IMG, Mojo Concerts, Ticketmaster and PayPal, Playpass has securely processed over €50 million in payment transactions involving more than four million ticket-holders.
The new capital will allow PlayPass to further strengthen its core offering, building enhanced data and business intelligence services, and accelerating global expansion, as well as replicating PlayPass’ festival success in other vertical markets.
PlayPass co-founder and CEO David de Wever commented: “We will continue to develop innovative technology, expanding our own local operational teams across our international territories as well as extending relationships with strong local partners acting as resellers or licensees.
“This capital will fuel our growth and advance our progress to expand and become the global market leader in access and contactless payment solutions for the events market.”
Newion Partner Mathijs de Wit comments on the investment: ”While researching the investment opportunity it became clear that PlayPass’ customers talk extremely positively about their technology.
“Additionally, we were impressed by the team, their ability to deliver and we look forward to working alongside them, to make Playpass the dominant market leader in its space.”