PlayPass, an event and technology startup, has reportedly raised €1.9m in an equity injection.
The round included Netherlands based Newion Investments. A number of unnamed angle investors also took part in the investment, according to a report by Silicon Canals.
With this investment, the company has raised a total of €7.9m since it was founded in 2012. The company is hoping to raise another €10m in a funding round by early 2020, the article said.
PlayPass, which currently has offices in Belgium and New York, is an event support company that helps streamline the entire process for both organisers and sponsors. Its services include cashless payments, accreditation management, event access controls, and brand activation and social media marketing.
The company’s cashless payment system works by enabling transactions through digital wristbands. A visitor is able to top up money to their wristbands, which also serve as their ticket to the venue, before or during the event.
With this funding, PlayPass is looking to expand into new markets and improve its current position in the sports event market, the article states. Moving forward, the company is looking to launch a new Asia office in either Singapore or Hong Kong, and a European office in either Spain, Germany or the UK. An office in Chile will also be opened by the end of the year.
Earlier in the year, Newion took part in the $58m Series D of data governance and management company Collibra. The company enables all data citizens ‘to find, understand, and trust the data’ they need.
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