Indonesian events management and analytics firm Loket secures Series A funding
By Digital News Asia June 21, 2016
- Undisclosed amount from Sovereign’s Capital and East Ventures
- Offers online ticketing system, RFID bracelet technology, and more
INDONESIA’S full-service events management technology, ticketing, and analytics company Loket said it has closed a Series A funding round of an undisclosed amount, led by US-based Sovereign’s Capital, with participation by local venture capital firm East Ventures.
In a statement, Loket said it offers end-to-end services to help companies and event organisers host large scale, revenue-generating gatherings, including but not limited to concerts, sporting events, expos, conferences, and more.
“We believe the ticketing and event management business is one that will grow rapidly in Indonesia,” said Sovereign’s Capital managing principal Luke Roush.
“We believe the systems for managing both ticketing and the event itself will need to become more sophisticated to both improve the consumer experience and prevent fraud. The Loket team has demonstrated strong traction and leadership in this space,” he added.
Currently, Loket claims an 80% market share of all Class-A live music events in Indonesia.
It also claims to be the largest purveyor of radio frequency identification (RFID) bracelets in South-East Asia.
When it comes to events, RFID technology can be used for access control, brand activation, cashless payments, big data analytics, and more, the company said.
Loket uses RFID bracelets to completely eliminate fraud at every step in the events management process. Cash transactions are brought to a minimum, and humans are often removed from the decision-making process when it comes to in-venue sales and permissions, it added.
The technology also allows Loket to provide analytics information to its clients about attendee behaviour and preferences, which can help organisers be more data-driven about how they set up their next event.
It can also help them optimise the event experience in real-time. Loket said its data can help organisers make marketing decisions, understand who the event influencers are, know the time of entrance and exit at the venue, and more.
In the first half of 2016, Loket distributed more than 500,000 RFID bracelets in the archipelago, and is on track to distribute 500,000 more before the end of the year, it claimed.
Loket also offers white label ticketing solutions and distributes its ticket through variety of resellers in the country, including online brands like Tiket.com, Elevenia, Go-Tix (by Go-Jek), and also offline vendors like Alfamart, 7-Eleven, Alfamidi, Gramedia, and Panorama Tours.
Additionally, the firm supplies a crew monitoring system and software for event organisers to see and know exactly what each team member is doing at all times during an event.
Its integrated automatic gate access control communicates with the ticketing database, verifies tickets, updates the database, and enables access in real-time, it said.
“Going to events should be fun and enjoyable, so the only way to make this happen is to take control of the customer journey from beginning to end – this includes everything from buying the tickets to the ground experience,” said Loket chief executive officer Edy Sulistyo.
“Thanks to our deep understanding of customer behaviour and a strong network of resellers, we can help promoters sell out any event,” he added.
While Loket is a three-year-old business that is already cashflow-positive in Indonesia, Edy said the investment from Sovereign’s Capital and East Ventures is much more of a strategic play related to network building and increased visibility.
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