Bigtree Entertainment Singapore today announced an undisclosed investment from Singapore-based venture capital firm Jungle Ventures into its Southeast Asia (SEA) business line BookMyShow SEA.
Being the first external funding round that the company has ever raised, BookMyShow SEA will shift its headquarters from Malaysia to Singapore.
In a press statement, BookMyShow SEA explained its plan to expand throughout the Southeast Asian market with the new funding. The company has entered Indonesia in mid-2016 and is expanding in Singapore and Malaysia in 2019.
In addition to supporting geographical expansion, the funding will also be used to strengthen its tech operations.
Launched in 2007, BookMyShow is owned and operated by Indian entertainment giant Big Tree Entertainment.
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The company started off as an online ticketing platform for movies before expanding into end-to-end management of live entertainment events such as music concerts, live performances, theatricals, and sports.
David Gowdey, Managing Partner at Jungle Ventures explained their investment into the entertainment company: “We are very excited to partner with BookMyShow to help expand their business to multiple countries in SEA. Entertainment experiences, particularly live events, are witnessing strong growth in SEA and with a world-class team helming its SEA business, BookMyShow will help people find, buy and enjoy events across the region. The platform is poised to become the largest entertainment destination in the region and Jungle Ventures is excited to be a part of this story.”
In October, Jungle Ventures announced the closure of its third fund at US$240 million.
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Image Credit: Chad Kirchoff on Unsplash
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