UK festival portal raises funding to tune of $10.5m
The round is led by transatlantic VC firm Beringea, who is joined Jaguar Land Rover's venture capital fund InMotion Ventures.
Channel 4's Commercial Growth Fund, Lepe Partners, U-Start and ex Spinnin' Records CEO Eelko Van Kooten also took part.
Investment director at Beringea, Eyal Malinger, will join the Festicket board, along with Treatwell's COO, Ben Leaver. The company will be appointing an independent non-executive chairman in the near future.
Festicket empowers music fans with a seamless service to discover and book tickets and travel packages for over 1,200 music festivals worldwide.
The two-sided marketplace uses a network of over 4,000 accommodation and travel suppliers to create end-to-end experiences.
To date, the company has served over two million travellers from more than 120 countries. It is looking to become the number one global live events experiences platform by focusing on expansion into North American and Asian markets and expanding its supply base by offering a broader range of events.
The company will also continue to build its discovery and community network through new marketing channels, including a content and media partnership with Channel 4 and continued investment in improving the customer experience through product and R&D innovation.
The firm, which has offices in London (HQ), Amsterdam, Berlin, Porto and San Francisco, also launched its Festival Finder, an integration with Spotify, earlier this year to help users find festivals through listening habits.
Prior to this round, Festicket had raised $13.7 million investment and has ex-Booking.com co-founder Arthur Kosten as an investor and advisor, alongside Jean-Charles Carré, manager of DJ David Guetta.
"With this new investment we will be able to accelerate the expansion of our unique business model internationally and to more verticals," said Festicket CEO and co-founder Zack Sabban.
Eyal Malinger, investment director at Beringea, added: "Beringea's investment in Festicket is underpinned by a fundamental shift in global consumer habits.
"Unprecedented demand – particularly among millennial consumers – for experiences over material possessions has fuelled the meteoric rise of 'festival tourism'."