Verve, the world’s leading word-of-mouth sales software for live entertainment, raises $18.5 million

 
Posted by Isabella Cookson, 10 Oct 2017

Verve, co-founded by Callum and Liam Negus-Fancey, is building a global platform that enables people to sell products they love to their friends in exchange for rewards. Over the last 12 months Verve has achieved significant success within the live entertainment industry, growing from 170 to 450 clients, selling more than 500,000 tickets globally and securing major partnerships with some of the best ticketing companies around the world. With $28.5m raised to date, the company will use the capital to continue its global expansion within the live entertainment sector, as well as enter new markets.

 

In a globalised and noisy world, customers increasingly crave authentic and curated experiences. Nothing fulfils this more than a recommendation from a friend based on both their accumulated knowledge of their own passion, and their understanding of your evolving tastes and idiosyncrasies. We all have experts in our networks who can access faster than ever before — the friend who is obsessed with computers, the one who knows all the best restaurants or that person who you turn to for fashion advice. These are the people who are the most valuable when making a purchase decision. Verve enables brands to harness the power of these recommendations, turning word of mouth into a reliable and scalable sales channel for the first time.

 

Verve’s clients include Live Nation, AEG, C3, Bonnaroo, React Presents, Bestival, Digital Dreams, Electric Zoo and many more.

 

Simon Cook, CEO of Draper Esprit, says: “Callum and Liam have built a world-class team which we back with full confidence. We very much believe in where Verve is heading. Today’s audiences are 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, and we will support them in taking this channel to other markets and sectors.”

 

Leila Zegna, founding partner at Kindred, says: “Kindred is delighted to have increased its commitment to Verve as a part of this financing round, joining a strong global venture capital brand in Draper Esprit.”

 

“Since our first investment in Verve in 2016, we have been continually impressed by the buildout and strength of the management team, as well as the consistent execution against ambitious product and commercial targets. Going forward, we are excited about Verve’s ability to not only dominate the festivals market but also penetrate the enormous opportunities within music and sport on a global basis.”

 

“We were very impressed with the success of the Krewe of Voodoo and their ability to get tickets into more fans hands and helping grow Voodoo Music + Arts Experience. We look forward to working with them again this year!”

Patrick Dentler, Marketing Director, C3 Presents

 

“Verve has successfully grown our network, encouraging our biggest fans to join us in selling tickets for the best festivals in the world.” – Festival Republic