Vibe Tickets is in talks with global venture capitalists and a series of other funds as it targets £2m ($2.7m/€2.3m) of investment to drive growth.
The company announced the ambitious goal after receiving a further £200,000 from investment firm Vela Technologies as part of a £750,000 follow-on funding round.
The latest fundraise brings total investment in the business to around £1.7m through a combination of crowdfunding, seed capital and private investment. Sir Richard Branson is among those to have invested in Vibe.
The new Vela money will provide additional working capital so that Vibe can expand its offering into new verticals and build up its user base. The company is also running a recruitment drive, having recently brought in three new executives.
Founder and managing director, Luke Massie, said Vibe is in the latter stages of conversations with global venture capitalists, early-stage tech funds and family offices as it seeks £2m of funding. The company said there are “a number of offers already on the table”.
Massie said: “Vibe has massive potential to completely transform the way people buy and sell live event tickets and share experiences with others.
“We’ve generated exponential growth over the last year both in terms of our user base and the size of our team, and our new London office is enabling us to recruit the brightest minds in the industry.
“Scott Fletcher, Matt Newing and Vela Technologies’ confidence in myself and the business has been reinforced by their recent investment and this will be used to accelerate the business at an even greater rate.”
Vela will increase its stake in the ticketing firm from 3.3 per cent to 5.2 per cent on completion of the investment.
For the year ended March 31, 2016, Vibe Tickets generated a net loss of £226,931 and had net liabilities of £158,822.
Massie said: “I’m determined to see our offering further expand beyond tickets and increase our user base to over two million in the next two years. Our goal is to become the No.1 destination for live events for fans across the globe.”
IMAGE: Vibe Tickets