Vibe Tickets founder returns shares to crowdfunders
The CEO and founder of Vibe Tickets has confirmed the transfer of shares to 150 crowdfunding investors following a £200,000 investment.
Vela Technologies has now invested £200,000 in the Vibe Group, as part of a £700,000 fundraising which includes a £500,000 injection from ANS Group founder Scott Fletcher MBE.
"Looking after the crowd was paramount for me," Massie said. "I have been in regular contact with our backers over the last six weeks to reassure them of my commitment.
"It’s taken some time to finalise the arrangements but I’m really proud to say that we have delivered on everything we promised."
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Both Vela and Fletcher had been backers of Vibe Tickets prior to its administration in April. Massie set up a new holding company to buy the business back from the administrators.
"The continued support of Scott and Vela Technologies means that we can carry on our fight to improve the industry for fans," he added.
"Now the restructure has been completed and capital committed from ongoing supportive investors, I’m looking forward to delivering on our plans."
Massie added that the company plans to make a further announcement later this month of further funding secured - in addition to £700,000 from a new "high-profile" investor.
Vibe Tickets has been campaigning for greater transparency in the ticketing industry, particularly in recent weeks as an investigation into Viagogo continues to make headlines.
Massie said: "There’s never been a better time for a consumer champion like Vibe to disrupt the ticketing resale space. There are really exciting times ahead."