Face value ticket resale platform Twickets is to undertake a fundraising campaign to enable the business to build on its growth and expand internationally.
Original backer Chris Wright, co-founder of Chrysalis Records, is to lead the investment, with further significant investors to be announced soon.
“Online ticket touting is damaging to the industry and deeply affects loyal groups of fans who are ripped-off and left empty handed," said Wright. "In the last 18 months, Twickets has been steadfastly innovating across the business to make face value resale a convenient solution for fans, so I’m very happy for the opportunity to reinvest.”
Twickets CEO Richard Davies (pictured) added: “With significant support from the entertainment industry and our loyal followers, we will continue to grow and develop the platform, making it easier and more efficient for fans to resell tickets. We have been extremely encouraged by the level of interest that we've received from industry for this round so far, and now look forward to opening up the opportunity to our own community”.
Twickets’ founding board of investors was formed in February 2015 and consists of Wright, Tony Wadsworth (former chairman, EMI Music), Harry Magee and Richard Griffiths (Modest! Management), Ian McAndrew (Wildlife Entertainment) and Steve Parish (co-owner, Crystal Palace FC).
Further details of the campaign will be announced in due course.