*NEWS: Protecht Partners with Spectra for Exclusive Ticket Purchase Protection
A company that offers insurance for those purchasing tickets to events has announced another partnership, this time with Spectra, a company that handles venue management, hospitality and partnerships.
The partnership was announced in an August 13 press release.
As a part of the agreement, Protecht will work with venue managers to provide ticket insurance to event attendees. Ticket protection will be available at 32 Spectra venues where Paciolan is the ticketing provider, spanning 21 states and two Canadian provinces.
Protecht recently entered into a partnership with Paciolan. See article on that here.
The startup has received $13 million since inception, including a Series A round that raised $8 million, led by AmFam Ventures and IA Capital. This round closed at a $73 million valuation. (See related story here).
$10 million of it’s financing is in equity, Derbyshire told OC Startups Now.
It’s been in revenue since March 2016. Sales are growing and doubled last year, Derbyshire said.
The TicketGuardian tech and Fanshield insurance suite were created to safeguard a significant portion of the $9 billion that IBISWorld estimates consumers spend to purchase tickets online for concerts, sporting events, live theater, fairs, festivals and other events.
It’s estimated that U.S. online ticketing revenues for sports and music events alone totaled about $7.1 billion in 2017.
And, the demand of the market shows that attendees of events want the same flexibility that every other commerce interaction has in today’s modern online economy, Derbyshire told OC Startups Now.
With live events and experiences expanding globally, millions of people are experiencing an increase in ticket prices. The average face-value ticket price in 2017 among the top 100 grossing concert tours in North America was $78.93, according to Pollstar.
Protecht launched in 2016. It has won an award for best InsurTech company in North America from Efma Accenture Distribution & Marketing Innovation Awards, a global competition.
Buying tickets himself catalyzed his founding of Protecht.
“Everyday I learn from every interaction I have,” he said. “The experiences of starting something in the past and leveraging those lessons to help expedite the success of TicketGuardian were crucial early on while they were relevant. As we have now grown past my prior successes, I lean heavily on my team, clients, board, and personal experiences and gut to make decisions.”
Prominent customers include ShowClix, Accesso Showare and events.com.