Tencent Joins New Funding Round In Event Ticketing Platform Huodongxing.Com

Beijing-based Huodongxing.com, an Eventbrite-like platform where organizers plan, promote and sell tickets to their events online, has raised a series A+ round worth tens of million RMB from Tencent Holdings Ltd., co-working space start-up UrWork and Japanese human resources firm Recruit Holdings Co., Ltd.

The round values the platform at over RMB300 million (US$44 million) post-money, according to local media reports.

Founded in 2012, Huodongxing.com is currently the largest event online ticketing platform in China. It has provided services for over 100,000 event organizers including Huawei Technologies, Microsoft Corp, Tencent, Alibaba Group Holding and Sina.

Last year, the start-up had over 800,000 events posted on its platform, and sold around four million tickets and accumulated over ten million customers.

With the latest financing round, Tencent would be able to offer a new advertisement channel for Huodongxing, while UrWork will provide event venues and introduce 1,500 small and medium sized companies to join the platform. Recruit plans to help Huodongxing expand into the Japanese market.

Huodongxing previously raised tens of millions of U.S. dollars from SAIF Partners, Qualcomm and DCM Ventures, and plans to use the latest proceeds to expand into more cities and improve its team. It plans to form partnership with over 1,000 companies this year, and increase the percentage of paid events from 25% to 35%.

Last month, another online ticket sales platform Ferris Wheel Ticketing raised a US$15 million funding round from Blue Lake Capital, DCM Ventures, Matrix Partners China, K2VC and Zhen Fund.

This March, Alibaba fully acquired Damai.cn, a Bejing-based online ticketing platform, for an undisclosed amount of money.

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