Glownet will use the funding to expand its presence in the US and further develop its cashless payment technology.
Glownet, a provider of cashless payment technology for the live events industry, has secured a £2m investment from venture capital firm Downing Ventures.
The company 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.
Supported by the £2m 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.
The firm is also looking to take its unique service model to the USA, where event payment technology adoption is growing fast.
Glownet chief executive officer, Siebe Gerbranda, said: “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.”
James Lewis, investment director at Downing Ventures, added: “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.”
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