THE company behind the system that processed two million tickets for the Edinburgh Festival Fringe this year is targeting rapid growth after attracting venture capital funding.

Edinburgh-based Red61 has secured £572,000 in funding from Par Equity to fuel its efforts to win new live event ticketing clients in the UK and overseas.

Red61, boosted by the reputation it has earned as a result of its work with the Edinburgh Festival Fringe, has already broken into overseas markets including Australia, the United Arab Emirates, South Africa, and Canada.

In the near future, the company plans to open an office in Melbourne to serve Australia and New Zealand. It also aims to increase the amount of work gained through distributor partners in South Africa and Canada, and is developing similar relationships in the US, India, Belgium and France.

The company recently announced record annual revenues of more than £1 million.

Red61 was founded in 2002 to build the VIA ticketing system, the brainchild of chief executive Tony Davey and his business partner, software developer Peter McNaught. The pair were joined in the venture in 2006 by systems architect Will Tatam.

On the back of the fundraising, Red61 has moved into a new 4,000sq ft Edinburgh headquarters and increased its headcount from 15 to 25 on a full-time equivalent basis.

The company has secured contracts with The Garden of Unearthly Delights, the largest entertainment hub within the Adelaide Fringe, as well as the National Arts Festival of South Africa and the Abu Dhabi Science Festival.

It is also working with the Camden Fringe, Brighton Fringe, and Hullabaloo in Stratford-Upon-Avon.

Mr Davey said: “It’s been a remarkable journey so far, and the opportunity we now have through this investment makes it a key point and exciting time in the history of the business.”