Cloud-based ticketing platform Spektrix has gained £5m (€5.7m/$6.5m) in capital investment to support the UK firm’s growth, specifically in North America, as well as innovation plans.
The funding comes from private equity firm Foresight VCTs, with the ticketing, marketing and fundraising software for the arts company saying it will be used to accelerate product development and support international expansion.
As part of the investment, Foresight has taken a minority equity position in the company.
Michael Nabarro (pictured centre), co-founder and chief executive of Spektrix, said: “The goal of Spektrix is to empower arts and entertainment organisations with the tools they need to excel in the evolving arts economy. This injection of growth capital gives us additional resources to expand strategically, increase the pace of innovation, and fully realise our ambitions for the sector on both sides of the Atlantic.
“This is the first external investment we have taken as a company and that is partly testament to Foresight’s reputation and approach to managing relationships with its portfolio companies. Foresight fully supports our aims and will work with us to do more of what we already do – but faster and better.”
Spektrix, which launched in 2007, supported almost 400 organisations to sell more than £500m worth of tickets in 2018.
The software delivers key digital business capabilities to arts and entertainment organisations, enabling clients like London’s Barbican Centre, New York Theatre Workshop and Toronto’s Royal Conservatory of Music to deepen customer relationships, understand sales trends in real time, and power audience development.
Matthew Evans-Young (pictured left), investment manager, Foresight Group, said: “Throughout the process we have been impressed by the ambition and quality of the team, and their commitment to the company’s mission of transforming how organisations engage with their audiences.
“The success that Spektrix has achieved to date, without external funding, means we are excited to support them as they look to replicate their impressive track record of success and innovation, at home and internationally, in the coming years.”
Image: Spektrix (Others pictured include, Majinder Johal, group finance director of Spektrix, Alice Young, the UK MD for Spektrix and James Livingston, partner at Foresight. )