A crowdfunding round for face value ticket reseller Twickets has closed having surpassed £1.2 million – more than £500,000 over its initial target. The company exceeded its £700,000 target after just 32 days on equity crowdfunding platform Seedrs, attracting high-profile investors such as tennis star Andy Murray and Closer Artists, which represents acts such as James Bay, George Ezra and James Morrison.
A total of 877 people invested in the firm, which received particularly high levels of interest following the news that it will act as both Adele and Crystal Palace’s official ticket reseller, and that it has signed deals to integrate with music promoter Kilimanjaro’s online purchase hub Myticket.co.uk and national ticket agency Gigantic.
Twickets founder Richard Davies said: “While it’s great that we’ve exceeded our financial expectations, the number of investors is particularly telling. Campaigns of this sort typically gain a third of these backers, so we’re seeing this as a thumbs up from the general public who believe in an alternative future for ticket resale. We’re going to be using the funding to move ahead with more partnerships this year as well as expansion into new markets.”
Founded in 2015, Twickets’ enables fans who can no longer attend events to resell their tickets at face value, an alternative to the for-profit secondary marketplaces. The crowdfunding campaign opened on November 7 following significant reinvestment from the entire founding board and new investment from music industry veterans Marcus Russell and Alec McKinlay (Ignition Management; Noel Gallagher’s High Flying Birds, Catfish & The Bottlemen).
The company is additionally supported in Spain by a group of established music managers and promoters led by Neo Sala, founder of the country’s largest concert promoter, Doctor Music.