Brussels, January 9 - Full Venue, a leading innovative AI company in the sports and events technology sector, announces the successful closing of its seed round, securing 2 million euros in funding.
The Portuguese startup is currently present in seven markets at a global level and its activity has led to 5.7 million euros of revenue for its clients through their smart segments.
The company was launched within the 2020 edition of the EIT Digital Venture Program, the organisation’s eight-week pre-acceleration programme designed to support early-stage entrepreneurial teams from the Baltics, Eastern and Southern Europe in their journey to market and is now part of the EIT Digital Equity portfolio.
GED Ventures is the lead investor of the round, followed by two entrepreneurs, who until now had almost all their exposure in the healthcare sector, through the holding company AH Business, and who currently want to diversify their business portfolio, with AI being one of their current priorities. Notable business angels, including Tiago Monteiro (former F1 driver), Bernardo Novo (CEO SC Fitness), and Fernando Reani (MD Under Armour AUS&NZ), also demonstrated confidence in Full Venue's vision for transforming the way companies are leveraging data to monetize their audiences.
Focused on Sports & Events verticals, Full Venue stands out in a market that still has a long way to evolve in terms of audience monetization. The simplicity of its product, designed for generating audiences for conversion purposes and seamlessly integrating with major marketing communication channels, positions the company as a game changer. Full Venue predicts the likelihood of a potential customer making a purchase by collecting data from first-party data digital platforms and directly applying its AI proprietary algorithms. As a result, high performing buying groups are identified, as well as their characteristics, allowing clients to target them across their marketing channels.
Currently Full Venue operates in Portugal, Spain, the UK, Finland, Belgium, Romania, and Chile and it has already helped several football federations to increase their e-commerce sales. The Belgian FA (RBFA) has sold out several matches from Men’s, Women’s and Youth National teams since the beginning of the partnership. The Romanian FA (FRF) is another successful case-study, with Full Venue helping the Federation to increase their online sales in 36% and simultaneously reducing the ads cost per acquisition by 29%.
In the event landscape, the Primavera Sound Festival partnership saw Full Venue Smart Segmentation convert 2x more than generic segmentation, considering sales obtained through paid media advertising.
Full Venue's CEO, Tiago Costa Rocha, emphasized the company's commitment to innovation and growth, saying, "Our successful Seed Round marks a significant milestone for Full Venue. We are thrilled to have the support of strategic investors and partners who share our vision for reshaping the Sports & Events technology landscape. With our unique approach, integrating AI for audience generation, and a focus on simplicity, we are aiming to revolutionize how companies monetize their audiences. This funding will propel us towards our goal of not only expanding within the Sports & Events verticals but also venturing into new markets and business verticals. Full Venue is dedicated to creating a lasting impact on the industry, and we look forward to the exciting journey ahead."
Kudos to Full Venue for this amazing achievement. This milestone not only showcases Full Venue’s potential, but it is also a resounding validation of EIT Digital's commitment to nurturing groundbreaking startups. We are excited about their future prospects and wholeheartedly wish them the best as they continue to expand and revolutionize the industry", says Federico Menna, CEO of EIT Digital.
