Boulder-based tech company closes $7.7M round of funding

BOULDER — Redeam, a tech company that automates the way tours and attractions process tickets sold by third-party distributors, raised $7.7 million in Series A funding.

The Boulder-based company will use the funds to grow its team, product offerings and business development efforts. The goal is to sign on more suppliers, such as tourist sites, attractions, museums and tour companies, and distributors, like online travel agencies and hotels. The hope is also to increase brand awareness of Redeam’s technology solutions for the activities industry.

Many tourist attractions require customers to print out vouchers, then wait in line while those third-party vouchers can be validated and exchanged for tickets. Redeam’s mobile-based solution scans and validates any voucher from any reseller and instantly issues a ticket, speeding up the process. The solution also saves attractions time and money spent on reconciling third-party paper vouchers. Redeam makes money by collecting a fee from the supplier on each voucher processed.

The funding round was led by Vertical Venture Partners, with participation from Thayer Ventures, JetBlue Technology Ventures, Tallwave Capital, Peninsula Ventures and other investors.

“We’re thrilled to start scaling our solution, which can enable any tour or activity company to dramatically improve its customer experience, streamline its operations and grow its channel sales,” Kevin McLaughlin, Redeam’s CEO and co-founder, said in a prepared statement. “Not only are we solving a very expensive problem for suppliers, we’re boosting resellers’ ability to sell mobile tickets, creating happier customers and reducing paper use for everyone.”

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