Universal invests in P2P ticketing platform StreetTeam
By Andy Malt | Published on Friday 14 October 2016
P2P ticketing platform StreetTeam – created by the merger of The Physical Network and We Represent earlier this year – has raised $10 million in new finance.
While the new funding round has been led by the likes of Spring Partners, Frontline Ventures and Kindred, one strategic investor in the company is Universal Music. The major has dabbled in ticketing projects before with the Gig Buddy venture, while parent company Vivendi owns a number of ticketing businesses, including See Tickets.
StreetTeam works by identifying the influential fans of an artist and providing them with tools to sell tickets and other products to their friends in exchange for rewards. The company now works with over 150 clients, and says it has sold over 200,000 tickets.
Leila Rastegar Zegna of one of those new investors, Kindred, told reporters: “StreetTeam uses peer-to-peer marketing to enable brands to identify and manage large ambassador programmes at scale; empowering these advocates to spread their message to friends in a trusted, authentic, and personalised manner. We are delighted to have led StreetTeam’s most recent funding round, and we believe they are well positioned to be the leading millennial sales force on a global basis”.
Meanwhile StreetTeam co-founder Liam Negus-Fancey said: “We’re really excited about this raise. We set out to build software which enables advocates to sell the products they love to their friends. StreetTeam has sold more than 200,000 tickets across fourteen countries and today’s funding will enable us to continue our growth, as well as realise our ambitions to explore new verticals in the future”.