TPG leads $60m Series C for China's Moretickets

The firm has invested via its global growth division, which claims some $13.2 billion in assets under management and closed its fourth fund last year at the hard cap of $3.7 billion. According to a statement, additional participants included Hillhouse Capital, DCM Ventures, Matrix Partners, Blue Lake Capital, and Nanshan Capital. The capital will be used to develop online services to allow more customized user experiences.

“Through integrated technology know-how and deep expertise in online event ticketing, Moretickets has been able to create a quality service product offering and secure its industry-leading position in terms of scale, reputation, industry penetration, user experience and operational efficiency,” said Chang Sun, China managing partner at TPG. “Live programs such as concerts, sporting events, and original theater have become an integral part of China’s consumer culture.”

Founded in 2015, Moretickets positions itself as a transparent, competitively priced service provider in China’s rapidly growing online ticking space with operations across 369 cities and monthly sales of more than RMB100 million ($15.1 million). The company claims 90% of tickets for live entertainment events featured on its website were sold at discounted rates. This is said to increase attendance for those events by 15-20% while saving customers more than RMB100 million.

TPG Growth was founded in 2007 to specialize in growth equity and middle-market buyout opportunities across a variety of sectors including media, technology, and industrials.

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• Topics
• Greater China
• Consumer
• Expansion
• China
• TPG Capital
• Growth capital
• TMT
• Hillhouse Capital Management
• Matrix Partners
• Blue Lake Capital