Verve has raised an additional $18.5 million to expand its fan-to-fan peer concert marketing and ticket sales platform. The UK based startup, formerly called StreetTeam, counts some of the globe's biggest concert promoters among its early clients.
London based startup Verve has raised an additional $18.5 million in Series B funding to take its fan-to- fan live music marketing platform global, as well as, to sectors beyond live music. This round was led by VC Draper Esprit, with participation from previous investors Kindred, Frontline Ventures and Backed. The startup has raised $28.5 million since launching in August of 2011.
Formerly known as StreetTeam, Verve bills itself as the world’s leading peer-to-peer sales and marketing software for live entertainment. It's white label software enables concert promoters and festivals to turn fans into ambassadors who promote their events and sell tickets to their friends in return for rewards.
Verve has reportedly sold more than 500,000 tickets for more than 450 promoters. Early clients include Live Nation, C3, Disco Donnie Presents and Insomniac.
Verve only charges its promoter clients when a ticket is sold via each fan ambassador, and says it drives an average of 5% of event capacity in year one and 10% in year two.