North West Fund backs Manchester-based ticketing company
Fatsoma on target for £7.5m turnover after securing investment
Event ticketing business Fatsoma has secured an undisclosed investment from the North West Fund to finance ambitious growth plans.
The £155m North West Fund, which was developed as a Joint European Resources for Micro to Medium Enterprises Initiative (JEREMIE) to support small and medium-sized companies based in the north west of England, co-invested with LateRooms co-founder Chris Allen.
The ticketing platform, which uses social media to sell tickets for event promoters, venue owners and festival organisers is set to take Allen on as chairman.
With more than 6,000 business clients across the UK and 750,000 members, Fatsoma recently extended its services into Canada, Australia, the US, South Africa and Hong Kong and is hoping to use the investment to push into more overseas countries.
Following the investment, which comes from the North West Fund’s £15m digital and creative arm, managed by AXM Venture Capital, Fatsoma is aiming for a 2013 turnover of £7.5m.