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Business News Digital Live Business
Twickets launches new funding round
By Andy Malt | Published on Monday 31 October 2016
Twickets has announced a new funding round, which will see existing as well as new investors put more money into the face-value ticket resale platform.
“With significant support from the entertainment industry and our loyal followers, we will continue to grow and develop the platform, making it easier and more efficient for fans to resell tickets”, says Twickets CEO Richard Davies. “We have been extremely encouraged by the level of interest that we’ve received from industry for this round so far, and now look forward to opening up the opportunity to our own community”.
Original backer, co-founder of Chrysalis Records Chris Wright, who has agree to pump further money into the project, adds: “Online ticket touting is damaging to the industry and deeply affects loyal groups of fans who are ripped off and left empty handed. In the last eighteen months, Twickets has been steadfastly innovating across the business to make face value resale a convenient solution for fans, so I’m very happy for the opportunity to re-invest”.
Originally launched in 2011 as a Twitter account promoting tickets being resold at face value or less, the service has since developed into a full-scale resale platform. It aims to rival bigger name services where tickets are routinely sold for prices greatly in excess of their original prices.
As previously reported, earlier this year, it launched a new ticket reissue and waiting list system with the End Of The Road festival, making the process more efficient and less open to abuse.
