Industry News

Major investor Vela backing Vibe Tickets

Technology investing company Vela Technologies has been revealed as the investor that completed Vibe Tickets’ funding round through an injection of £200,000 (€227,000/$255,000).

Vibe, whose app allows ticket holders to sell their tickets for face value or less, last month reported that it had reached its £600,000 crowdfunding goal on Crowdcube.

Now Vela executive director Antony Laiker has admitted that his company contributed a third of the target. He told the BusinessCloud website that he believes Vibe will prove a disruptive force for good in a ticketing sector dominated by multinational companies and scalpers.

“Vibe Tickets fits perfectly the profile of a business that Vela likes to invest in,” Laiker said.

“The multi-billion pound primary and secondary ticket markets are dominated by big companies who effectively control the pricing and distribution of tickets often to the detriment to true music or sports fans.

“These fans are often priced out of the market and / or charged excessive fees.”

Vibe, which was founded in Lancashire three years ago, plans to use the new investment to release a new version of its Android application and also upgrade its website.

Vibe was praised by tycoon Sir Richard Branson at this year’s Virgin Media Business #VOOM event, where it finished runner-up in the ‘Start Up’ category, securing a prize of £20,000.

The company currently connects more than 30,000 customers across eight countries.

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