London events start-up KweekWeek closes $3.25m seed round
Angel investors back expansion plans of “one-stop-shop” for event organisers and event attendees
London-based early-stage event discovery and ticketing company KweekWeek has today announced an impressive $3.25m seed round with the aim to support its expansion into new markets.
The investment comes from a number of angel investors who have utilised the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) tax relief programmes.
Launched in 2012, London-based KweekWeek is designed as a “one-stop-shop” for event organisers and event attendees. It gives event hosts access to the tools needed to manage and promote their event, and, for event attendees, recommends events based on location, history, personal preferences and social cues.
Claiming to offer a “much more holistic” approach than that of competitors such as Eventbrite, the start-up has sold more than 150,000 tickets through its platform to date and says it has had over 100,000 visitors each month since January.
It now plans to use the funding to continue to develop its product, and to expand its reach on a global scale with launches in New York and European cities in the pipeline.
KweekWeek CEO and co-founder, Medhi Nayebi, commented:
“The company is growing even more quickly than we had expected it to, with more and more event hosts and attendees recognising the benefit of our platform. We’re aiming to break the trend and become an example of a successful UK-based company expanding its platform to other markets including the US.”
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Discussing how the EIS and SEIS programmes supported its funding round, Nayebi added:
“Young companies such as ours based in Europe often struggle to raise significant seed funding rounds, especially when compared to the amount that companies based in the US can raise. For all of the buzz around the London technology scene, there is still a lack of early stage institutional investment here, but these schemes can be of great benefit to start-ups like ours.”