Event platform Hapz has raised seed funding of $680,000 from Cocoon Capital, SPH Media Fund, Quest Ventures, TinkBig Venture and an angel investor.
The company plans to use this round of funding to grow its team and build partnerships with merchants and event organisers.
Hapz's platform helps consumers save on tickets for concerts, tourist attractions, sports events and festivals. The platform's proprietary dynamic pricing system allows customers to decide on a price they are willing to pay for an event. If the price falls within the acceptable range generated by the system, the transaction goes through.
As users interact with different events on the platform, Hapz will also be able to target them with relevant events and deals. "While customers can buy tickets on our platform, our main focus is to ensure that they get access to events that are most relevant to them at a price they can afford," said co-founder and chief executive Kendrick Wong. Hapz has garnered over 8,500 sign-ups since its launch in May.
SPH Media Fund chief executive Chua Boon Ping said: "We have been involved with Hapz since their early days as it was one of our accelerator start-ups.
"We like the value propositions that Hapz brings to both merchants and consumers. For consumers, it means getting better deals, powered by Hapz's dynamic-pricing algorithm. And for merchants, Hapz provides a channel to promote events.
"There is strong synergy between Hapz and SPH's events business and we look forward to working closely with Hapz for its future growth."