Management and New Investors Complete Buy-out of Billetto
Group led by founder Patrick Borre takes control of Nordic region’s leading event marketplace
Copenhagen, Denmark: Ballroom ApS announced today that it has acquired 100% of the debt and equity in Billetto ApS, the leading event marketplace in Denmark and Sweden, from the Danish Export and Investment Fund (EIFO) and a group of angel investors. Ballroom is a holding company led by Billetto management - including founder Patrick Borre, alongside investment from existing chairman Joe Cohen, MC-Group, The Öhman Group and VNV Global.
Mr Borre, who co-founded Billetto in 2009 and has been CEO through the past 9 years, will continue to lead the business. Billetto provides a self-service platform for event organisers to promote, manage and sell tickets to more than 50,000 different events held across 14 countries in Europe. The business has been profitable since 2021 and plans to grow top-line revenue by more than 100% in 2023.
Commenting on this buy-out and the company’s prospects, Mr Borre said, “My team and I are excited to double down on Billetto for the long-term. The 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.”
He also made special note of the support that the Danish Export and Investment Fund (EIFO) has provided over the past ten years. “EIFO 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’re also very excited to have the likes of Öhman, VNV and MC Invest join management, Joe and I for the next chapter in the Billetto journey”
The company plans to deepen investments in sales, marketing and product platforms with the aim of cementing its position as the self-service ticketing platform of choice across Northern Europe. Chairman Joe Cohen commented, “Billetto 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’re very excited about our position to capitalise on future opportunities.”
NOR Capital NOR Capital acted as financial advisor to Billetto
Bruun & Hjejle provided legal services to Ballroom
Billetto’s mission is to help people to go out more. The company offers a self-service platform for event organisers to promote, manage and sell tickets to more than 50,000 different events held across 14 countries in Europe. Additionally, Billetto provides a consumer marketplace to find unique and compelling events and activities across a host of categories including music, festivals, clubs and museums. Led by founder Patrick Borre, Billetto has helped over 100,000 event organisers increase sales and manage their businesses more effectively. Billetto ApS is based in Copenhagen.
About Öhman Group
Öhman is a Swedish family-owned group of companies that was founded in 1906. The group consists of the parent company E. Öhman J:or AB, Nordnet; a digital bank for savings and investments, Öhman Fonder; Sweden's largest independent fund manager, as well as a long-term investment portfolio.
About VNV Global
For over 20 years VNV Global has been investing in the world’s most innovative companies, and during the past decade, the company has focused its efforts on network effect businesses. VNV Global’s patient capital structure provides scalable tech companies with the time, commitment and expertise needed to grow into profitable and sustainable businesses. VNV Global invests all over the world and is stage agnostic and backs mission-driven entrepreneurs who solve real-world problems in big markets, through technology. VNV Global’s past investments have been centered around a few themes such as Marketplaces, Mobility, Health & Wellness. VNV Global is based in Stockholm and its common shares are listed on NASDAQ Stockholm, Mid Cap segment, under the ticker VNV.
About MC Group
MC-Group is a private investment company investing mainly in commercial property, alternative energy and technology. David Choleva MSc (act.), acts as CEO of the company and David will join the board of Directors in Billetto ApS
Denmark’s Export and Investment Fund (EIFO) provides a single point of access for Danish companies in need of risk-tolerant government capital. Guided by professionalism and an international outlook, we strive, on a daily basis, to support the successful businesses which can grow the Danish economy and green the globe.
Contact: [email protected]