TORONTO, Canada – May 9, 2014 — Gibraltar & Company, Inc. (“Gibraltar”), a Toronto-based technology investment management firm, announced today that it closed on the second tranche of its investment in FanXchange Limited (“FanXchange”), an online marketplace for live event tickets. As lead investor, Gibraltar’s investment in FanXchange was a key part of the company’s $5.2 million Series-A financing round.
“We are delighted to partner with Brandon Koffler and Morley Ivers—two dynamic, complementary leaders—and their talented management team,” cited Cam di Prata, Chairman & CEO of Gibraltar. “FanXchange serves a large unmet market need in the North American loyalty space for live entertainment experiences. Among its several positive attributes, the company has a capital efficient, scalable business model, which are decisive factors for us when evaluating potential investment opportunities.”
Gibraltar’s investment in FanXchange, came in two tranches—the first tranche was completed on July 11, 2013; the balance was completed today. Cam di Prata joined the FanXchange Board of Directors coincident with the closing of the first tranche.
“Our ability to accelerate a Company’s business development activities is a pre-condition to our making any investment commitment, so we spent much time understanding the sector and assessing FanXchange’s potential to expand outside of Canada” noted di Prata. Since joining the Board, Gibraltar has facilitated several introductions directly and indirectly through its Advisory Board, to key loyalty program executives leading to opportunities in Canada, the U.S. and the U.K.
An online marketplace that enables consumers to securely purchase or redeem loyalty points for tickets to major music, sporting and theatre events, FanXchange offers an inventory selection of over 11 million tickets to live events across North America and Europe. The Company was originally conceived to address a cash-only marketplace. In early 2013, it repositioned its offering to take advantage of the untapped loyalty market, thus enabling loyalty program operators to offer their members online access to live event tickets in exchange for loyalty points.
For more on FanXchange visit www.fanxchange.com.
Gibraltar’s vision is to proactively contribute to the emergence of the next cohort of great Canadian technology companies. Our business purpose is to make early to mid-stage portfolio companies stronger and more competitive by accelerating their speed-to-market. We do this by providing partner companies with strategic & business development expertise, access to our network of senior corporate decision-makers and expansion capital.
For more on Gibraltar visit www.gibraltarcompany.ca.
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