Verve, the world’s leading word of mouth sales software for live entertainment, has closed a $18.5 million funding round.
Press Release – updated: Oct 10, 2017 08:07 BST
LONDON, October 10, 2017 (Newswire.com) – Verve, the world’s leading word of mouth sales software for live entertainment, has closed a $18.5 million funding round led by Draper Esprit, and including former investors, Kindred, Frontline Ventures, and Backed.
Verve, co-founded by Callum and Liam Negus-Fancey, is building a global platform that enables people to sell the products they love to their friends in exchange for rewards. Over the last 12 months, Verve has achieved significant success within the live entertainment industry, growing from 170 to 450 clients, selling more than 500,000 tickets globally and securing major partnerships with some of the best ticketing companies around the world. With $28.5M raised to date, it will use the capital to continue its global expansion within the live entertainment sector, as well as enter new markets.
In a globalised and noisy world, we’re increasingly craving authentic and curated experiences. Nothing fulfills this more than a recommendation from a friend based on both their accumulated knowledge of their own passion and their understanding of your evolving tastes and idiosyncrasies. We all have experts in our networks, who we can access faster than ever- the friend who is obsessed with computers, the one who knows spends all their money going to restaurants or that person who you turn to for fashion advice. These are the people who are the most valuable when making a purchase decision. Verve enables brands and customers to turn word-of-mouth into a reliable and scalable sales channel.
Callum & Liam have built a world-class team who we back with full confidence and we very much believe in where Verve is heading. Today’s audience is becoming immune to traditional advertising and increasingly prefer to discover through friends and people they trust. Verve has already proven word-of-mouth is a scalable and powerful tool for live entertainment, and we will support them in taking this channel to other markets and sectors.
Verve’s customers include Live Nation, AEG, C3, Bonnaroo, React Presents, Bestival, Digital Dreams, Electric Zoo and many more.
Simon Cook, CEO of Draper Esprit says, “Callum & Liam have built a world-class team who we back with full confidence and we very much believe in where Verve is heading. Today’s audience is becoming immune to traditional advertising and increasingly prefer to discover through friends and people they trust. Verve has already proven word-of-mouth is a scalable and powerful tool for live entertainment, and we will support them in taking this channel to other markets and sectors.”
Leila Zegna, founding partner at Kindred said “Kindred is delighted to have increased their commitment to Verve as a part of this financing round, joining a strong global venture capital brand in Draper Esprit. Since our first investment in the company in 2016, we have been continually impressed by the buildout and strength of the management team, and consistent execution against ambitious product and commercial targets. Going forward, we are excited about Verve’s ability to not only dominate the festival’s market but also penetrate the enormous opportunities within music and sport on a global basis.”
“We were very impressed with the success of the Krewe of Voodoo and their ability to get tickets into more fans hands and helping grow Voodoo Music + Arts Experience. We look forward to working with them again this year!”
Patrick Dentler, Marketing Director, C3 Presents
“Verve has successfully grown our network, encouraging our biggest fans to join us in selling tickets for the best festivals in the world.” – Festival Republic
For further information on Verve, please visit www.verve.co
Verve is building a platform that enables everyone to buy from people they trust. We enable fans to sell tickets to the best events in the world in exchange for rewards, such as free entry and VIP experiences. Our clients include Live Nation, AEG, Bonnaroo, Bestival, Spring Awakening, Digital Dreams, EDC, Electric Zoo and many more.
For more information, please visit www.verve.co
Draper Esprit (www.draperesprit.com) was founded in 2006, and is one of the largest and most active VC firms in Europe, helping entrepreneurs to build global ground-breaking technology companies through hands-on board level support, internationalisation and commercialisation activities and investment.
In 2016, with the support of new institutional investors and existing shareholders, Draper Esprit transformed into a listed PLC model to take a longer term, multi-stage, patient capital approach. In recent years, Draper Esprit’s exits have generated more than $4.0 billion in combined enterprise value.
Draper Esprit is the exclusive Western European member of the Silicon Valley-based Draper Global Network, with offices around the world and portfolio companies including Baidu, Skype, Space X, Tesla and other world leading companies.
Kindred Capital is a London-based early-stage VC fund who uniquely share the upside of the fund with the entrepreneurs that they invest in. The founding team bring a combination of deep operating, founding, and investing experience.
For more information, please visit www.kindredcapital.vc
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