Downing Ventures Commits £2M Series A Funding For Cashless Payment Startup Glownet
25-April-2018- Glownet, a global market leader in cashless payment technology for the live events industry, has secured £2 million funding from venture capital firm Downing Ventures, as it eyes US expansion and further development to its payment technology.
Glownet has developed cashless payment technology which allows a wide range of events and venues to go entirely cashless, including music festivals, nightclubs and sporting events. In addition to enabling cashless payments, the platform can also be used for ticket validation at events and venues, as well as linking with social media and loyalty programs.
First established in 2012, Glownet has already delivered its technology to over 500 events and 2.3 million users in 38 countries worldwide, working with major operators in the live events industry including Sonar, Ultra Music and Live Nation.
Supported by the £2 million funding from Downing Ventures, Glownet will build on its strong core offering by enhancing its POS capabilities, integrating new payment types and making further improvements to the online-offline user journey. Additionally, Glownet aims to bring its unique service model to the USA, where event payment technology adoption is growing fast.
London-based Downing Ventures is one of the UK’s most prolific early stage investors and is part of the wider investment management business Downing LLP, which has over 30 years of experience and in excess of £1 billion funds under management. The Glownet investment opportunity was brought to Downing by corporate finance firm Bosham Capital Advisors.
How does Glownet technology work?
Glownet has developed a revolutionary cashless payment platform, allowing attendees to store ticket information, carry out cashless transactions and capture social media profiles. Significant data can also be gathered through their platform and used to market to attendees and prospective sponsors.
Glownet’s platform can be seamlessly connected to multiple ticketing systems and event management software and its cashless payment technology also connects to all types of ‘digital wallets’ including smartphones and smartwatches.
Commenting on the funding and Glownet’s ongoing development, James Lewis, Investment Director at Downing Ventures, said: “The Glownet team has achieved great things so far and our funding support should allow them to build on this success by furthering enhancing its technology and expanding into new major markets. We are confident that the company is well positioned to capitalise on the large, unpenetrated market in which it operates.”
Glownet Chief Executive Officer Siebe Gerbranda added: “Downing Ventures’ experience in disruptive technology, as well as its established presence and network in our core markets make them our ideal partner for fast, sustainable growth. We believe this is an optimal point in Glownet’s development in which to establish our partnership with Downing Ventures, as we look to drive aggressive expansion in terms of both product and territory coverage.”
ABOUT DOWNING VENTURES
Downing Ventures is an evergreen fund investing in seed to Series A companies, with the possibility of follow-on investments. We invest in a variety of technology sectors including consumer internet and mobile, enterprise software, defence and security technology, financial technology and health technology. We have a portfolio of 45 companies as of March 2018. We work alongside a number of investment partners and accelerator programmes and incubators, including the London Co-Investment Fund.
ABOUT DOWNING LLP
Downing Ventures is a division of Downing LLP, a London-based investment management firm. We help UK businesses grow by investing in them via our range of venture capital trusts (VCT), enterprise investment schemes (EIS), inheritance tax (IHT), individual savings account (ISA) and open-ended investment company (OEIC) products. So far, over 35,000 investors have been a part of what we do and we are proud to have raised over £1.7 billion into businesses across a range of sectors, from renewable energy, care homes, health clubs, and children’s nurseries, to technology and sports nutrition.
Glownet – www.glownet.com – is the live event industry’s leading universal contactless event management platform. Since its launch in 2012, Glownet’s solutions have been deployed at over 500 events and across 38 markets worldwide, including recent entry into the US. The platform supports dozens of simultaneous events and attendances in excess of 100,000 per day. Partners include Live Nation, Eventbrite, Ultra Music Festival, Lollapalooza, Sonar and brands such as Pernod Ricard, PayPal and Spotify. Glownet is a London-based business with operational hubs in Spain, UK, Netherlands, Australia and the US.
This article is for information purposes, should not be regarded as investment or taxation advice and no reliance should be placed upon it. Any personal opinion expressed are subject to change and should not be interpreted as advice or a recommendation. Downing LLP is authorised and regulated by the Financial Conduct Authority in the UK (Firm Reference No. 545025), Registered Office: St Magnus House, 3 Lower Thames Street, London EC3R 6HD.
ABOUT BOSHAM CAPITAL ADVISORS
Bosham Capital Advisors (BCA) – www.boshamcapitaladvisors.com – is an independent investment, corporate finance and capital advisory firm, based in London, which acts as an advisory bridge between investors and investees in Asia & UK. BCA provides investment, corporate finance, strategic advisory, M&A and capital raising services across the digital-media, disruptive technology, consumer and real estate sectors.