Crowd back ethical ticket marketplace Vibe Tickets to the tune of £600,000
316 investors backed Crowdcube pitch for the ‘Airbnb of concert tickets’-style business which helps music fans buy and sell tickets at face value
Vibe Tickets, a start-up which connects fans buying or selling spare tickets for concerts and live shows at face value, has taken its valuation to £6m after closing a £610,000 crowdfunding round.
Its Crowdcube pitch, which launched in August and ended on September 14, attracted 316 investors who backed the business for a share of 10% equity.
Founded in 2013 by young entrepreneur Luke Massie, Vibe Tickets offers a “free, open and transparent” peer-to-peer ticket marketplace via a desktop platform and iOs app.
With a focus on ethical ticketing, the marketplace lets you see the faces and identities of the people you are buying from and selling to and doesn’t add fees or commissions to transactions.
To date, the business – dubbed ‘the Airbnb of concert tickets’ – has enjoyed more than 33,000 app downloads, secured a following of over 148,000 on Twitter, and was a 2016 finalist at the VOOM (formerly Pitch to Rich) competition.
To coincide with the funding news, the start-up carried out a study with Harris Consulting which surveyed 1,000 adults and found that 60% thought ticket touts are “unethical” while 80% of millennials (those aged 18 to 34) said they were likely to use Vibe Tickets to buy and sell spare tickets at face values.
Discussing Vibe Tickets’ successful crowdfunding attempt, Massie commented:
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“Many warned us of the risk of crowdfunding in such a public manner. But this company was built on openness and transparency.
“In the Vibe office, we live our motto “for fans by fans”, and this crowdfunding campaign was about making sure we involve the users in our journey so we don’t ever lose touch with them.”
Crowdcube co-founder, Luke Lang, added:
“The company’s raise is testament to investor appetite across the UK to back great British businesses disrupting global industries.”