Pulse Global Closes $1.2 Million Raise Ahead of Listing
Pulse Global is turning even ticketing on its head by designing a platform that serves as both a ticket vendor and a promotional tool. With big investment behind it, Pulse Global could be a major new player.This article originally appeared on Financial Review
Online music ticketing platform Pulse Global has closed a $1.2 million capital raise, led by Minerva Capital Partners, as it prepares to list on the ASX via a backdoor listing early next year.
The company, which is valued at $9 million, started as Australia's oldest online radio station and has now developed a ticketing platform that it claims helps music artists and festival organisers sell tickets, not just by enabling the selling, but also by publishing a range of content themed around the artist, genre, or festival to boost sales.
The firm is the second music technology business to announce its plans to list in 2016, following the failure of online streaming platform Guvera's attempted $1.3 billion initial public offering, which resulted in its chief executive stepping down and multiple entities being put into administration.Co-founder Wade Cawood said the Guvera saga was "bad timing" for Pulse Global because it hit when the firm was starting out on its capital raise.
"It showed that investors are savvy and they don't want the wool pulled over their eyes," he said.
"It didn't have an effect on our raise, but it was brought up in every meeting.
Promoting around the world
Mr Cawood and his co-founder Simon Beckingham have a history in the music industry, having started out promoting events before founding Pulse Global in 2007.
The pair have worked on major events at the Opera House and Sydney's Vivid Festival, as well as promoting shows around Britain, Europe and Asia.
"Over the years we realised we weren't getting the service that would improve our ability to sell tickets," Mr Cawood said."So we decided to go and build a platform coming from our own promoter background. A lot of ticketing businesses provide the ability to sell a ticket, but they don't actually help you sell it."The co-founders are also the owners of the Lost Paradise music festival and used their own platform to sell out the event to more than 10,000 people.