Word-of-mouth marketing tool StreetTeam raises $10m

festival

StreetTeam, a peer-to-peer sales software platform for live entertainment, has closed a $10m round led by Spring Partners, Frontline Ventures and Backed.

Other investors include Universal Music Group, Saatchi Invest and Peter Davies.

The firm, which is building a global platform that enables users to sell tickets to their peers in exchange for rewards, has already worked with customers including Bestival, Spring Awakening, EDC, and Reading & Leeds festival.

The company seeks to target millennials, typically considered unreceptive to traditional forms of advertising, by creating a platform that will harness the power of word-of-mouth recommendations.

Callum Negus-Fancey, co-founder of StreetTeam, commented: “It’s increasingly difficult for brands to acquire a young audience as this age group increasingly relies on friends who are passionate and knowledgeable about a given area when making purchase decisions. StreetTeam helps brands turns these trusted friends into ambassadors, turning word-of-mouth into a reliable and scalable sales channel.”

StreetTeam says it will use the money to continue its global expansion within the live entertainment sector, as well as to enter new markets in the future.

“We’re really excited about this raise. We set out to build software which enables advocates to sell the products they love to their friends. StreetTeam has sold more than 200,000 tickets across 14 countries and today’s funding will enable us to continue our growth, as well as realise our ambitions to explore new verticals in the future,” added co-founder Liam Negus-Fancey.