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TimePad receives second round of investment

0 5 August 2014

Event management service TimePad has received a second round of investment from the fund Target Ventures. Their total investment now amounts to $1 million.

In January 2014 the fund became the company’s principal investor after it bought a 49% stake from Afisha Rambler SUP. According to Target Ventures partner Mikhail Lobanov, the fund was already planning the second round of investment at the time of the January deal.

TimePad plans to use the funds for the development of the product’s functionality. In particular, the company plans to expand the range of instruments offered to event organisers, launch a mobile app for announcing events and to develop their social media guidance. Neither the exact sum of investment nor details of the change in share capital have been officially disclosed.

Lyudmila Pavlova, cofounder of TimePad, says: “The event tickets sector is one of the biggest drivers of growth in the Russian e-ticket market these days. The current size of the sector is already more than $600 million, and we expect that by the end of 2016 it will have grown by 5 times.”

TimePad is used by over 25,000 organisers, with over 2.8 million registered users. Every month over 10,000 events are held in Russia with the help of TimePad, with around 150,000 e-tickets (either free or paid for) being distributed, and it claims to control 90% of the market.

Source: RusBase.vc, CNews.ru

Top image via Shutterstock

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