Glownet, a global market leader in cashless payment technology for the live events industry, has secured £2 million funding from venture capital firm Downing Ventures, as it eyes US expansion and further development to its payment technology.
Glownet 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 including Sonar, Ultra Music and Live Nation.
Supported by the £2 million 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. Additionally, Glownet aims to bring its unique service model to the USA, where event payment technology adoption is growing fast.
London-based Downing Ventures is one of the UK’s most prolific early stage investors and is part of the wider investment management business Downing LLP, which has over 30 years of experience and in excess of £1 billion funds under management. The Glownet investment opportunity was brought to Downing by corporate finance firm Bosham Capital Advisors.
How does Glownet technology work?
Glownet has developed a revolutionary cashless payment platform, allowing attendees to store ticket information, carry out cashless transactions and capture social media profiles. Significant data can also be gathered through their platform and used to market to attendees and prospective sponsors.
Glownet’s platform can be seamlessly connected to multiple ticketing systems and event management software and its cashless payment technology also connects to all types of ‘digital wallets’ including smartphones and smartwatches.
Commenting on the funding and Glownet’s ongoing development, James Lewis, Investment Director at Downing Ventures, said: “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.”
Glownet Chief Executive Officer Siebe Gerbranda added: “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.”