Lancashire-based ethical ticketing firm Vibe Tickets has now raised a further £750,000 of follow-on funding.
Since 2013, founder and managing director Luke Massie, now 24, has raised over £1.7m through a combination of crowdfunding, seed capital and private investment.
In his second round of funding, Preston-entrepeneur Luke aims to raise in excess of £2m from new investors, which would value the Lancaster-based business at over £10m.
Founder Luke is the majority shareholder of the business and has made it his aim to maintain controlling stake as the company scales and takes on new investment.
Vibe Tickets allows fans to exchange and negotiate on the price of tickets for live events.
The fan-to-fan app has built a following of more than 70,000 users across eight countries and has also been backed by serial entrepreneur and Virgin boss Sir Richard Branson, in addition to a range of other investors.
Those backing in the company’s ambitious plans for further global expansion include current investors and technology entrepreneurs Scott Fletcher MBE and Matt Newing, along with AIM investment company Vela Technologies PLC.
This additional funding follows the recent announcement of Vibe Tickets’ new London office and a string of new appointments.
The latest investment will provide Vibe with operating capital, enabling it to expand its user base and continue to recruit the best talent.
Luke said: “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. 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.”