Follow-on funding sees Lancaster-based Vibe Tickets nab £750k

Online ticket platform Vibe Tickets has secured £750k in follow-on funding.

The six-figure deal means the Lancaster-based firm, led by its 24-year-old founder and MD Luke Massie, has raised more than £1.7m through a combination of crowdfunding, seed capital and private investment since 2013.

In his second funding round, Luke is aiming to generate over £2m from new investors while maintaining his controlling majority stake as he looks to scale the company.

If successful, the drive would value Vibe at more than £10m. Luke said conversations are now in the latter stages with global venture capitalists, early-stage tech funds and family offices.

Vibe’s growing list of backers includes tech entrepreneurs Scott Fletcher MBE and Matt Newing, as well as AIM-listed investor Vela Technologies.

Luke 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.”

He continued: “Scott, Matt 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.

“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 number one destination for live events for fans across the globe.”

Vibe Tickets’ digital platform allows fans to exchange and negotiate the prices of event tickets. Over the last four years, the company has built a following of more than 70k users in eight countries.

Investor Scott Fletcher commented: “Vibe Tickets is a force to be reckoned with in the secondary ticketing market and offers something completely unique that others in the market just don’t have the vision to foresee.

“At its core, Vibe is about creating transparency for the people. It’s a young and dynamic business that is attracting the best talent and constantly evolving its platform to create a seamless experience for its users.”

He added: “Luke’s ambitions are boundless and he has a fantastic team behind him. I have no doubt that Vibe has the potential to revolutionise the market.”