FanDragon Raises $12M To Provide Full Transparency On Event Transactions With The Blockchain

LA Tech Watch

July 24, 2019

We are entering an era where we are doing everything on mobile and tickets for live events are no different.  Yet while basic mobile ticketing technology that allows users to scan for entry has been available for a while, no one has really harnessed the power of the technology beyond the scan. FanDragon is changing that.  The newly launched global ticket delivery platform gives full transparency into the lifecycle of each ticket protecting fans and event organizers alike from fraud, scalping, and a host of other issues that have been plaguing the ticketing market. Running on the Aventus blockchain, Fandragon seamlessly integrates into partners’ existing technology stacks with a secure and scalable solution. The platform supports any event that requires tickets and by 2023 it’s estimated that mobile ticket users will total 1.9 billion. Through FanDragon, event partners can set rules for their tickets to control ticket flow, reduce scalping, minimize no-shows, and target offers to specific fans through the mobile wallet.

LA TechWatch spoke with CEO Robert Weiss about how FanDragon will reduce fraud in the event-ticketing market, the company’s future plans, and recent round of funding.

Who were your investors and how much did you raise?

FanDragon is launching with $12M in initial funding, which will allow us to transform the global ticket delivery market through our innovative, blockchain-powered SaaS solution.

Tell us about the product or service FanDragon offers

FanDragon has developed a suite of tools to handle mobile ticket delivery, transforming how event tickets reach attendees once they are sold. Leveraging our software-as-a-service (SaaS) platform, rightsholders across the ecosystem – including event organizers, venues, artists, attractions, and sports franchises – along with their preferred ticket vendors – can take advantage of our open blockchain technology to gain full transparency into the lifecycle of each ticket, all the way to redemption at the door and beyond.

What inspired you to start the company?

The ticketing business has challenges. Just look at last week’s news that Live Nation helped artists like Metallica quietly place tickets on the resale market, capitalizing on the premium pricing enjoyed by sellers in the secondary markets. The entertainment industry – including music, sports, cinema and more – needs to address this issue, setting standards for tickets and protecting fans.

The Dragon is a mythic protector, and our company name, “FanDragon,” speaks to our mission of protecting the integrity of ticketed events. In the long run, this means more revenue for our B2B partners and a better fan experience – a win-win. By leveraging our innovative blockchain-based solution, we believe we can begin to fix some of the more dysfunctional aspects of the ticketing market and create new opportunities for venues and entertainment organizations to improve the entire event experience.

A 2019 report from Juniper Research predicts that mobile tickets will account for more than half of ticket transactions on digital platforms this year – forecasting mobile ticket users will total 1.9 billion by 2023.

We want to make sure the companies selling these tickets have control over their inventory, and we want to protect the integrity of those events for the fans who attend them.

How is FanDragon different?

Unlike some other ticket-centric start-ups, FanDragon Technologies does not seek to sell tickets. Instead, we provide venues, artists and sports teams with software solutions that seamlessly integrate into existing infrastructures and applications – eliminating counterfeiting unauthorized ticket resale and enhancing revenue.   We aim to be a profit center for our partners.

Another big difference is that we are running on the Aventus open blockchain protocol. This is a proprietary protocol that combines the speed and privacy of closed blockchains with the security and reach of open blockchains, all in enterprise-grade software that is fully scalable to 20,000+ tickets per second. Because the protocol was developed by Aventus, a not-for-profit entity with no industry affiliations and therefore no perverse incentives, we are free to innovate and do what’s best for our partners – and for the fans.

Our unique platform also creates new opportunities to engage directly with fans through our innovative mobile wallet features. This is great for fan activation – providing attendees with additional details about their upcoming event while allowing rightsholders to gain attendee insights and present offers ranging from seat upgrades to merchandise deals or food and beverage incentives.

What market is FanDragon targeting and how big is it?

Our motto is: Any Event, Every Ticket.

Our goal is to work with partners across every type of event: including live, experiential, and shared. We support any kind of event that requires tickets. We’re targeting the entire ticketing market – including rightsholders, event organizers, venues, and ticket companies.

Our goal is to work with partners across every type of event: including live, experiential, and shared. We support any kind of event that requires tickets. We’re targeting the entire ticketing market – including rightsholders, event organizers, venues, and ticket companies.

We are initially casting a wide net throughout the U.S., Canada, UK, and Europe, and then eventually the rest of the world. Tickets are everywhere. Our products can be applied to just about every type of vertical – sports, music, cinema, theme parks, family entertainment, theatre, e-sports. We are aiming at many groups who don’t want the burden of a long, expensive development period to support next-generation ticket delivery. From SaaS ticketing software companies who need our SDK functionality to service their own clients, to venues and organizers who want to deliver their own tickets independently, we will license our API’s & SDK tools directly to them. Our tools are very flexible, agnostic and complementary to our partners’ existing commercial relationships and business process.

What’s your business model?

Our turnkey SaaS tools can be integrated in ways that are low-touch (i.e. a guest list), to a wallet app, and even a custom integration. Our SDK’s can plug into existing infrastructure. If a venue, artist, or other ticket rightsholder has an existing app with no ticket delivery functionality, we can add that functionality. We aim to be a profit center to all of our partners. Our software can be used by tickets rightsholders, venues, artists, sports teams, theme parks, cinema, or other entertainment organizations – allowing them to maintain control over their tickets.

What is your favorite restaurant in LA?

My guilty pleasure is Canter’s on Fairfax. But my favorite restaurant these days is Baroo Canteen: they’re doing really interesting and delicious things with fermentation and unique Asian flavors, and every plate looks beautiful and has a distinct and memorable taste. It’s great to see innovative cooking happening at a price point that allows people who don’t have $100+ for dinner to get exposure to the forward-thinking chefs within LA’s food scene.

© 2020 FanDragon Technologies, Inc.