Verve is the company formerly known as StreetTeam, which gets people to sell concert and event tickets to their friends to earn rewards.
The company has just announced an $18.5m funding round led by VC firm Draper Esprit, with previous investors Kindred, Frontline Ventures and Backed chipping in.
The company says it has sold more than 500k tickets through its network in the last year, while expanding its client list from 170 to 450 including the likes of Live Nation, Bonnaroo, Bestival and Electric Zoo in the festivals space.
Draper Esprit CEO Simon Cook:
Today’s audience is becoming immune to traditional advertising and increasingly prefer to discover through friends and people they trust. Verve has already proven word-of-mouth is a scalable and powerful tool for live entertainment.
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