*NEWS: Startup That Insures Concert Tickets Raises $8 Million in Series A Round
Every year, consumers lose money after buying more than 1 billion tickets to concerts, festivals, sports and other live events they can’t attend.
A Newport Beach startup set out to change that. TicketGuardian created a way for attendees to insure their purchased tickets, registrations or bookings through its FanShield suite of products.
TicketGuardian said it will use the capital to fuel the growth of the tech, products and services it provides to event organizers and ticketing platforms, as well as to attendees and fans.
This new funding brings its total to $13 million to date.
Since launching, the company has expanded to 40 employees. It partners with dozens of platforms such as Provenue, Accesso Showare, Showclix, events.com and others that power tens of thousands of events that sell more than 100 million tickets and registrations every year.
TicketGuardian is also the title sponsor of the TicketGuardian 500, a NASCAR race that will be held at ISM Raceway in in Arizona in March.
TicketGuardian is under the umbrella of parent company, protecht, which focuses on using technology to create a more sustainable live-events ecosystem.
Its wholly-owned insurance subsidiary, FanShield, includes several insurance products, including FanShield, RegShield, TourShield and EventShield.