An indigenous startup in Nigeria with the name Festival Coins has raised funding from early-stage VC firm Microtraction.
Festival Coins (an event technology company that helps event organisers reduce costs, maximise revenues and harness granular data from attendees) was founded by Folayemi Agusto and Nosa Oyegun.
The startup makes available tools and services that help event organisers expertly and efficiently plan and execute events. The startup boost features such as online ticketing, access control, cashless payments, and event reporting, etc.
Prior to securing the fund, Festival Coins has been working was over 100 event organiser accounts and had processed around $10,000 transactions in sales value.
The startup has now initiated plans to speed up its growth using Microtraction’s undisclosed investment.
The firm Microtraction was founded in 2017 and since then, it has gone on to invest over $65,000 in startups at the very earliest stage of their development.
The firm has also so far backed a host of Nigerian startups, like Accounteer, Riby, Thank U Cash, CowryWise, Wallet.ng, Schoolable, 54gene and Termii, as well as Ghana’s Bit Sika.
While explaining this move to fund Festival Coin, spokesperson for Microtraction said the local event organisers had minimal insights into event attendees’ activities.
“For instance, they cannot accurately account and determine who attends their events or attendees purchasing activities when at the venue.
This means tons of data is left untapped and several monetisation opportunities fall through the cracks,” the spokesperson for the company.
The spokesperson for the company further stated that “Global event technology providers, like Eventbrite, have not been able to meet up with the continent and local providers seamless end-to-end event management services.
Also, most local services have not been also to input automation and rely on manual approvals, back and forth emails, or in-person meetings.”
Festival Coins DIY event ticketing platform Tix provides an innovation that has been absence by overcoming all issues thus allowing users to create an event and go live in under five minutes.
“Festival Coins provides access control and cashless payments that improve data collection capabilities for live events that allow organizers to boost revenues from sponsorship and attendee spend, as well as provide guest data which will be useful in personalising, customising, and segmenting their audiences to achieve greater ROI.” stressed Microtraction spokesperson.
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