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Ballroom, a holding company led by Billetto management, has acquired 100% of the debt and equity in Billetto, an event marketplace in Denmark and Sweden.\u00a0<\/p>\n
The holding company is made up of Billetto founder Patrick Borre with investment from existing chairman Joe Cohen, MC-Group, The \u00d6hman Group and VNV Global. Billetto was acquired from the Danish Export and Investment Fund (EIFO) and a group of angel investors.<\/p>\n
Borre co-founded Billetto in 2009 and has been the chief executive over the last nine years \u2013 a position he will continue to hold following the buy-out.<\/p>\n
Billetto provides a self-service platform for event organisers to promote, manage and sell tickets to over 50,000 events held across 14 different countries in Europe. The business expects to grow top-line revenue by more than 100% in 2023, and has been profitable since 2021.<\/p>\n
\u201cMy team and I are excited to double down on Billetto for the long-term,\u201d said Borre. \u201cThe long tail of the event business, defined as organisers who sell fewer than 250,000 tickets per year, will grow at double-digits for the foreseeable future and we will continue to deliver a platform that helps our clients to grow their businesses.\u201d<\/p>\n
He added: \u201cEIFO and our whole investor syndicate alongside the initial co-founders has been with us every step of the way. They have been a great shepherd of the business and I have the highest regard for EIFO in the Danish tech ecosystem. We\u2019re also very excited to have the likes of \u00d6hman, VNV and MC Invest join management, Joe and I for the next chapter in the Billetto journey.\u201d<\/p>\n
Next steps for the company include investing in sales, marketing and product platforms to cement its position in the market.<\/p>\n
Billetto chairman Joe Cohen said: \u201cBilletto emerges from this transaction with a great investor group, including management who now own a very substantial portion of the business, while being debt-free. We\u2019re very excited about our position to capitalise on future opportunities.\u201d<\/p>\n
NOR Capital acted as the financial advisor to Billetto, while Bruun and Hjejle provided legal services to Ballroom.<\/p>\n
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