Verve, the peer-to-peer software platform formerly known as StreetTeam, has closed $18.5m in Series B funding.

Following the new injection of cash from VC Draper Esprit, Kindred, Frontline Ventures, and Backed, Verve, which has offices in San Francisco and London, has now secured $28m (£21m/€24m).

The firm, which enables users to sell tickets to their peers in exchange for rewards, has already worked with customers including Live Nation, AEG, C3, Bonnaroo, React Presents, Bestival, Digital Dreams and Electric Zoo.

Co-founder Callum Negus-Fancey told TechCrunch that the investment will be used to further develop the product, including hiring more developers, and bolstering sales as the startup readies for further international expansion. In addition to the UK and US, it is eyeing up other parts of Europe, as well as additional product categories beyond live events, such as travel.

According to TechCrunch, Verve has expanded from 170 to 450 clients over the last 12 months and has sold more than 500,000 tickets globally. It has also partnered with leading ticketing companies such as Ticketmaster and Eventbrite.

Simon Cook, chief executive of investor Draper Esprit, said: “[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.”

IMAGE: Verve