Festicket raises $10.5m in Series D round to further fuel its explosive growth
Festicket, the world’s largest portal for music festival experiences, is announcing $10.5 million in Series D funding. The round is led by transatlantic venture capital firm Beringea and joined by Jaguar Land Rover’s venture capital fund InMotion Ventures, Channel 4’s Commercial Growth Fund, Lepe Partners, U-Start and ex Spinnin’ Records CEO Eelko Van Kooten.
Eyal Malinger, Investment Director at Beringea, will join the Festicket board, along with Treatwell’s Chief Operating Officer, Ben Leaver. The company will be appointing an independent non-executive chairman in the near future.
Festicket empowers music fans with a seamless service to discover and book tickets and travel packages for over 1200 music festivals worldwide. The two-sided marketplace uses a network of over 4000 accommodation and travel suppliers to create end-to-end experiences. To date, the company has served 2m+ travellers from 120+ countries and has a community of over 2.5m registered, highly-engaged, global travellers, adventurers and live music lovers.
Festicket is seeking to become the no.1 global live events experiences platform by focusing on expansion into North American and Asian markets and expanding its supply base by offering a broader range of events. The company will also continue to build its discovery and community network through new marketing channels, including a content and media partnership with Channel 4 and continued investment in improving the customer experience through product and R&D innovation. The firm has offices in London (HQ), Amsterdam, Berlin, Porto and San Francisco.
The festival tourism industry is continuing its steep upward curve driven by increasing levels of consumer spend in the experiences economy. In the UK alone, the music tourism industry has grown from £2.2b in 2012 to >£4b in 2017 according to UK Music’s Tourism report. Alongside its one-shop-stop booking solution, Festicket has become the authority for music festival discovery. Its Festicket Guide and Festicket Magazine services form the largest online festival publication in the world and its Festival Finder, an integration with Spotify that helps find festivals through listening habits, was launched in July 2018.
Prior to this round, Festicket had raised $13.7m from investors including Lepe Partners, PROfounders, U-start, Playfair, Wellington and Windcrest. Festicket also has ex-Booking.com CMO/co-founder Arthur Kosten as an investor and advisor and Jean-Charles Carré, manager of world-famous DJ David Guetta as an investor.
Zack Sabban, CEO and co-founder at Festicket commented: “With this new investment we will be able to accelerate the expansion of our unique business model internationally and to more verticals. Our success so far has been driven by our focus on content, community and commerce, so we will use the same ingredients to become the go-to global brand for live event experiences."
Jonathan Younes, CPO and co-founder at Festicket added: “Our product will continue to develop and innovate alongside the business. We’ll be launching exciting new features for our community that make discovering and booking live events easier and more intuitive than ever before.”
“Beringea’s investment in Festicket is underpinned by a fundamental shift in global consumer habits,” commented Eyal Malinger, Investment Director at Beringea. “Unprecedented demand – particularly among millennial consumers – for experiences over material possessions has fuelled the meteoric rise of ‘festival tourism’. Festicket sits at the epicentre of this trend and, as Europe’s largest vendor of festival travel and tickets, it has enabled millions of people to uncover new music, culture, and experiences.
“With millions of monthly visitors to its website, we felt that Festicket is uniquely positioned to help festivals around the world grow and attract new customers. Prior to Festicket, discovering and purchasing festival tickets, travel, accommodation and experiences was fragmented, time-consuming, and often restricted only to experienced festival-goers. Its platform – built by one of the most exceptional collection of founders and management we have encountered – has transformed this dynamic, opening up the market to first-time consumers and dramatically reducing the time and effort required to enjoy the festival experience.”
Alex Mahon, CEO at Channel 4 said: “Channel 4 has innovation, music, and young audiences in our DNA so we are delighted to become part of Festicket’s journey. Festicket is already a very high growth company and has very attractive further growth potential with the benefit of Channel 4’s comprehensive national reach."
Sebastian Peck, Managing Director, InMotion Ventures, said: “Our investment in Festicket reflects our belief that premium mobility is about adventures and experiences that people love for life. The festival industry is a tangible manifestation of this desire, and we want to help make it easier for every future festival goer to create everlasting memories.”
For further information or photography, please contact the following:
Susanna Wood, Festicket
Tel: +44 (0) 203 970 4514
Henry Philipson, Beringea
Tel: 020 7845 5195
Mob: 07837 162546
Festicket is a leading travel portal that offers quality bookings, packages and information for festival fans worldwide. The trusted partner of over 1000 festivals across the globe, Festicket provides superior ticketing alongside booking options for accommodation, transfers and other festival essentials. Festicket provides a full 360 approach from festival discovery to a seamless online e-commerce experience. Founded in 2012, Festicket is a team of over 100 across five offices and was recently named 21st in the Sunday Times Hiscox Tech Track for 2018 and is also a Tech Nation Future Fifty member. Keep up-to-date with what is happening at Festicket on Facebook, Twitter and Instagram.
Beringea is a transatlantic venture capital investor with over $700m under management and offices in the UK and US. It supports high-growth businesses with annual revenues of more than £1 million, investing between £1 million and £20 million to help companies scale.
With a successful track-record of investments spanning 30 years, Beringea has more than 60 portfolio companies across its US and UK offices. The company has a history of strong partnerships with management teams, often reinvesting in its successful entrepreneurs.
About InMotion Ventures
At InMotion, we are investing in the future of transport, mobility and travel. Powered by Jaguar Land Rover, we are supporting entrepreneurs and innovators who change the way we move.
InMotion Ventures is Jaguar Land Rover’s venture capital fund. We invest in early-stage technology companies that change the face of urban mobility, support an active outdoor lifestyle and deliver unique travel experiences. We are based in London and invest globally.
InMotion’s mobility services arm Studio 107 works closely with our parent company Jaguar Land Rover to build new services in the urban mobility sector. The name Studio 107 is a nod to the 107% rule in motorsport. In qualifying, drivers who fail to set a lap within 107% of the fastest qualifying time are not allowed to start. Our goal is to select the ideas that play to our strengths and develop them into winning businesses.
To find out more about InMotion, please see: https://www.inmotionventures.com
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About Festicket & Event Genius
ABOUT EVENT GENIUS & FESTICKET
Event Genius is a multi-award winning end-to-end event technology company, providing ticketing, access control, travel and packages, marketing and cashless payment services to events of all types across the globe.
In 2019, Event Genius was acquired by Festicket, the world's largest platform for discovering and booking festival trips. Founded in 2012 by Zack Sabban and Jonathan Younes, Festicket is backed by a range of investors including Beringea, Edge, Lepe Partners, ProFounders and InMotion Venture and in Autumn 2019 completed the acquisition of Event Genius, and the associated Ticket Arena consumer website and brand.
Through combining the two companies' technology offerings, Event Genius is now a truly unique end-to-end platform for organisers and fans alike, providing the most complete offering in the live entertainment industry. Through the egTicketing, egCheckout, egMarketing, egTravel, egAccess and egPay solutions, the platform brings together technology and expertise including POS and cashless payment services, ticketing, accommodation, travel & packages, marketing, data insights & analytics, access control, fan engagement tools and more to plug a gap in the market that no other organisation has addressed to date.
Together, the business works closely with over 4000 official festival and event partners including Coachella, Tomorrowland, BST Hyde Park, Ibiza Rocks, Untitled Group, Afro Nation, Motion Bristol, Amnesia Ibiza, serving a growing community of over 5 million customers.
Alongside its London HQ, Event Genius has offices in Leeds, Los Angeles, Amsterdam, Berlin, Porto, Melbourne and Barcelona.