Updated: Twickets launches new funding round
October 31, 2016 10:19 AM
Ticket resale platform Twickets, which allows fans to resell tickets at face value or less, launched a crowdfunding campaign on Seedrs on 7 November, hoping to raise 700,000.
The investment will build on the success of the platform, which has seen nearly half a million users download the app, sign up to the website or follow on social media.
Original backer Chris Wright, co-founder of Chrysalis Records, will lead the investment, with other backers and be announced soon. The founding board of investors was formed in February 2015 and includes Crystal Palace owner Steve Parish and former EMI Music chairman Tony Wadsworth CBE.
Crystal Palace FC has engaged Twickets as its official resale partner, enabling club members to buy and sell tickets through the platform at face value.
Wright commented: Online ticket touting is damaging to the industry and deeply affects loyal groups of fans who are ripped-off and left empty handed.
In the last 18 months, Twickets has been steadfastly innovating across the business to make face value resale a convenient solution for fans, so I'm very happy for the opportunity to reinvest.
Twickets CEO Richard Davies (pictured) added: With significant support from the entertainment industry and our loyal followers, we will continue to grow and develop the platform, making it easier and more efficient for fans to resell tickets.
We have been extremely encouraged by the level of interest that we’ve received from industry for this round so far, and now look forward to opening up the opportunity to our own community.
Music industry figures Marcus Russell and Alec McKinley have invested in the fan-to-fan ticket resale service, which is also receiving backing from a group of Spanish music managers and promoters. The company will also launch in Spain before the end of 2016.