MyVenue secures multimillion-dollar investment from US firm Greater Sum Ventures
Adelaide payments start-up MyVenue has won a multimillion-dollar investment from a US firm after being deployed in some of the world’s most iconic stadiums.
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An Adelaide payments start-up that launched with a handful of staff just five years ago has landed a multimillion-dollar investment from a US venture capital firm.
MyVenue’s point of sale platform is used in close to 200 of the world’s biggest and most iconic sports and entertainment venues, with a focus in the US, where it’s currently deployed at venues including Dodger Stadium, Little Caesars Arena, Hard Rock Stadium and the Los Angeles Memorial Coliseum – host venue of the 2028 Olympics.
The company’s rapid success has won over Tennessee-based investment firm Greater Sum Ventures (GSV), which has taken over a majority stake in MyVenue for a multi-million dollar sum. The acquisition price has not been disclosed.
MyVenue has been backed by founder and chief executive Tim Stollznow and a group of family, friends and high net worth investors out of Adelaide.
Mr Stollznow said the investment from GSV would enable MyVenue to fast-track the rollout of its platform to more stadiums and entertainment venues across the world.
“As sports teams and event venues seek to enhance all facets of operations and profitability, MyVenue is delivering powerful solutions that provide greater versatility,” he said.
“This investment amplifies our ability to meet the market’s growing needs through advanced technology and support capabilities. We’re excited by GSV’s confidence and partnership as we extend our next-generation products to more venues globally.”
MyVenue opened an expanded global headquarters and software development centre at Lot Fourteen earlier this year following five years of rapid growth, and after boosting its global workforce to more than 70 staff, including about 40 employees in Adelaide.
When the company was formed in 2020, the US was identified as the target market by Mr Stollznow, an engineer who previously sold point of sale systems in pubs and clubs in Australia.
MyVenue secured its first customer in the US at the height of the pandemic in 2021, but the game-changer came later that year when it secured Hard Rock Stadium in Miami, home of the Miami Dolphins in the NFL, the Miami Formula 1 Grand Prix and Miami Open tennis tournament.
The platform, which comprises a mobile ordering app, online portal for corporate box orders, self-service kiosk, real-time dashboards and inventory control system, generates its revenue based on a percentage of sales taken at each venue.
As part of the investment from and partnership with GSV, MyVenue’s leadership team, including Mr Stollznow, will continue to spearhead the brand’s growth from its Adelaide HQ.
Ross Croley, the founder and chief executive of family-backed GSV – which invests in start-ups and fast-growing technology companies around the world – said it would provide the additional capital to accelerate MyVenue’s global growth ambitions.
“MyVenue’s fast, scalable technology improves guest experience and helps venue operators maximise sales revenue,” he said.
“With significant commercial momentum and a strong financial profile, MyVenue has exciting growth opportunities ahead.”
Originally published as MyVenue secures multimillion-dollar investment from US firm Greater Sum Ventures
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