Posted on October 4, 2016 by staff

London-based Vela Technologies invested in Vibe Tickets


London-based PLC Vela Technologies was the mystery investment firm which helped Lancashire-based Vibe Tickets reach its £600,000 crowdfunding target.

The disruptive ticketing platform smashed its target on Crowdcube with a day to spare.

Founder Luke Massie said at the time that a “PLC investor” got the three-year-old firm over the line – and that has now been confirmed as Vela Technologies.

“I’m excited that we’ve got the support of a London-based PLC like Vela,” he told BusinessCloud.

“It shows that companies in the capital believe in the potential of businesses in the North.

“The backing will be important as we look to another potential funding round early next year.”

Vela Technologies executive director Antony Laiker said: “Vibe Tickets fits perfectly the profile of a business that Vela likes to invest in.

“The multibillion-pound primary and secondary ticket markets are dominated by big companies who effectively control the pricing and distribution of tickets often to the detriment to true music or sports fans.

“These fans are often priced out of the market and/or charged excessive fees.

“Vibe Tickets offers an alternative, allowing fans to use the Vibe app, to buy and sell tickets transparently at face value or less.”

He added: “Although the business started life three years ago, and is still pre-revenue, the recent launch of the Vibe app has allowed the business to scale up and grow more rapidly.

“We wish Luke Massie and his team all the best and look forward to working with and assisting Vibe in the future.”

Vibe Tickets made headlines when tech entrepreneur Scott Fletcher invested into it in August.

“To set a target of £600k and pull it off is incredible. It shows other firms in the North West what is possible,” Massie told BusinessCloud.

“We’ve been talking for a while about how difficult it is to raise money through crowdfunding. Vibe is one of the few firms which has managed to do it successfully.”

Vibe Tickets allows real fans to buy and sell tickets but also make new like-minded friends at the biggest events.

Speaking to BusinessCloud, Fletcher said: “Luke is a force of nature. His vision and passion is infectious and goes to show that age is irrelevant when it comes to business.

“He’s been praised by Sir Richard Branson after making it to the final three in the #VOOM 2016 Virgin Media competition but  he’s hungry to learn more.

“Vibe Tickets has the potential to disrupt the industry and that really appeals to me.”