Festicket has announced that they have been given an additional $2.7 million in funding. The funding comes from two European venture capital firms, Wellington Partners and PROfounders Capita, as well as Windcrest Partners, Playfair Capital, KIMA and Jacques -Antoine Granjon.
The online music platform, which allows music fans to book tickets for music festivals around the world, is now Europe’s largest live music travel platform and works with more than 200 music festivals throughout the world.
Festicket said that it will use the new funding to speed up its international expansion and bring in new members to the team; it will also work to develop its commercial model. The new announcement follows on from its successful round of funding in 2013, which allowed the site to become the success that it is today.
Commenting in a press release, Co-founder and CEO of Festicket, Zack Sabban said:
“We are extremely enthusiastic to have Wellington and PROfounders come on-board to back Festicket. They are all serial entrepreneurs with clear value add experience in building global internet businesses. They will help us achieve our mission of becoming the world-leading travel platform for music fans."
Festicket says that the demand for travel to international music festivals is increasing and it describes itself as being in the “unique position” to help festivalgoers to turn their trips into holidays.
The company has also announced plans to work in a number of strategic partnerships with some of the world’s largest travel companies, which it hopes will be mutually beneficial to all involved.