The Upfan's team (source: Archive of Upfan)
Slovak startup Upfan has entered the market with an ambitious goal: to transform the outdated ticketing system. Officially launched in 2024, the platform offers an innovative solution to long-standing industry issues – fake ticket fraud, rampant touting, and lost revenue from secondary sales.
In an industry where billions of euros circulate annually across Europe, such innovation could spark a major shift for both organisers and fans.
From frustration to innovation
The idea for Upfan arose in 2019 after a frustrating personal experience by founder Andrej Nagy.
“My father and I tried to attend the World Cup together,” Nagy recalled for startitup.sk. “The tickets were sold out, so we bought overpriced ones on the secondary market – which turned out to be fake.”
This experience sparked the idea of creating a platform to prevent similar situations.
After a deep analysis of the market and the needs of all stakeholders, Nagy began building a solution that would not only eliminate fake tickets but also address the many shortcomings of traditional ticketing systems.
A technological solution with real impact
Upfan brings together primary and secondary ticketing in one place, using advanced security features.
“We use dynamic QR codes that change regularly and even work offline, making counterfeiting impossible,” explained CEO Nagy. “This eliminates common types of fraud, like duplication or forgery.”
Organisers can now control how and at what price tickets are resold, while also generating new revenue from these transactions. For fans, this brings the assurance that second-hand tickets are legitimate.
The platform also offers detailed fan data, enabling targeted campaigns, personalised communication, and interactive features.
“We give organisers tools like quizzes, contests, polls, feedback collection, and push notifications,” said Nagy. “These features boost loyalty, engagement, and enhance the overall event experience.”
A business model built on innovation
Upfan’s business model is based on transaction fees from ticket sales, with monetisation of the secondary market as a key differentiator.
“Our platform allows organisers to set their own rules for ticket resale, including the fee they collect from it,” the founders explained. “This lets us keep fees for primary sales low.”
This model turns what was once an uncontrolled challenge into a lucrative opportunity – organisers now profit from transactions that previously happened outside their control.
Since its launch in July 2024, Upfan has processed over 10,000 ticket sales. Early partners include FC Vysočina Jihlava, TFA Dubai, and Sport&Music Fest – early adopters that serve as proof of concept for further growth.
A skilled team and smart investment strategy
Upfan’s team of four combines complementary skills. CEO Andrej Nagy, a sports management graduate, previously worked as an executive assistant at a sports club.
“It gave me a practical view of how clubs operate and the challenges they face in ticketing,” he said.
CTO Jakub Jelinek and COO Lukáš Nemec are experienced full-stack developers, while marketing is led by Janka Chovancová, a student of International Management at the University of Worcester.
The startup is now in the early stages of fundraising.
“So far, we’ve financed everything ourselves, but we’re now actively seeking our first external investors,” the founders shared. “We’ve already secured two, and are now looking for a strategic lead investor – someone who can bring not just capital but valuable contacts and expertise.”
Clear expansion strategy and huge market potential
Upfan’s expansion plan focuses on three core markets: Slovakia, the Czech Republic, and the United Kingdom.
“The UK is a huge opportunity – not just in terms of size, but because ticket scams are still a big issue,” said Nagy. “I studied in the UK and built a solid network there, so we’re well-positioned to enter the market.”
Over the next three to five years, Upfan aims to capture 1–2 percent of the European ticketing market, which is valued at around €2 billion annually. This would translate into yearly revenues in the low tens of millions.
Competitive edge against industry giants
Upfan competes with primary ticketing players like Ticketportal, Predpredaj.sk, Eventim, and Ticketmaster, as well as secondary platforms like Viagogo, StubHub, and TicketSwap.
“These platforms often lack control over the secondary market, access to fan data, or tools to actively engage visitors,” said Nagy.
Upfan stands out by offering secure ticketing alongside advanced CRM, analytics, and gamification tools.
“We give organisers much more value than the competition,” he added.
