Ingresso Group Ltd (“Ingresso”) is pleased to announce the completion of an EIS funding round led by Oakfield Capital Partners LLP.
Ingresso owns and operates a suite of software that facilitates the distribution of time and date specific tickets to multiple points of sale. The company was formed in January 2011 with backing from an investment syndicate led by Oakfield Capital Partners LLP and has offices in London and Belfast.
A syndicate of private investors are involved in the latest funding round which is expected to take the company to breakeven. It follows on from significant progress within the business.
Ingresso has also received an investment from Co-Fund NI equity fund. Created by Invest Northern Ireland as part of its Access to Finance strategy, the Co-Fund is managed by Clarendon Fund Managers Ltd and part financed by the European Regional Development Fund.
Managing Director Rich Major said: “This investment round will enable Ingresso to expand our activities and continue our rapid growth path. We’ve recently commenced work with a number of large distribution partnerships new to the ticketing industry and we are growing our supply capabilities rapidly to match. We are confident that the coming months will bring further positive news.”
Oakfield Partner and Ingresso Chairman Roy Merritt said: “This is a very exciting business which has the potential to bring huge efficiencies to ticket distribution. The combination of an experienced team, leading edge technology which is globally scalable and strong financial backing will allow us to continue establishing a powerful new player in an exciting market.”
William McCulla, Invest NI’s Director of Corporate Finance, said: “Oakfield’s equity round has been crucial in bringing together other sources of finance for Ingresso and the private funders involved will also add significant value to this innovative technology company. I would encourage other business owners to consider equity funding to finance their growth plans alongside other sources of finance.”
Ingresso was advised by Perry Yam of Reed Smith.
Ingresso provides ticketing technology that benefits the suppliers and distributors of tickets, such as venue & event box offices, theme parks & attractions, ticket agents, tour operators and event producers / promoters.
Ingresso’s TicketSwitch software connects the ticket platform of the supplier to sales distribution outlets enabling the supplier to retain control of the inventory and customer base. The supplier is able to reduce a significant proportion of their back office administration, whilst customers can purchase the tickets they want right up until just before the time of the event through whichever channel they normally access. Ingresso also provides a tailored affiliate recruitment and management service, helping affiliates and distributors maximise their sales and reducing administration.