Peer-to-peer software platform StreetTeam has closed a $10m (£8.1m/€8.9m) funding round led by investors including Universal Music Group.
The firm, which enables users to sell tickets to their peers in exchange for rewards, has already worked with customers including Bestival, Spring Awakening, EDC, and Reading & Leeds festival.
Other investors include Spring Partners, Frontline Ventures, Backed, Saatchi Invest and Peter Davies.
The company seeks to target millennials, typically considered unreceptive to traditional forms of advertising, by creating a platform that will harness the power of word-of-mouth recommendations.
StreetTeam said it will use the money to continue its global expansion within the live entertainment sector, as well as to enter new markets in the future.
“We’re really excited about this raise,” co-founder Liam Negus-Fancey said. “We set out to build software which enables advocates to sell the products they love to their friends.
“This funding will enable us to continue our growth, as well as realise our ambitions to explore new verticals in the future.”
StreetTeam, which has offices in San Francisco and London, has sold more than 200,000 tickets across 14 countries.
Co-founder Callum Negus-Fancey said: “It’s increasingly difficult for brands to acquire a young audience as this age group increasingly relies on friends who are passionate and knowledgeable about a given area when making purchase decisions. StreetTeam helps brands turns these trusted friends into ambassadors, turning word-of-mouth into a reliable and scalable sales channel.”
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