Festicket raises Series A, eyes US for expansion
The London-based startup, which specialises in travel arrangements for music festivals, plans to invest the Series A round to expand internationally with the US as the first target.
It is also seeking to increase the current headcount of 21 by about a third with rolls to fill across the product and development departments as well as a travel industry insider to help it form strategic partnerships.
Chief executive Zack Sabban says it has already signed a deal with a UK-based youth travel specialist.
Part of the strategy for growth is also based around increasing the number of repeat customers, currently about 20/25%, through the development of a recommendation algorithm to be released in the coming months.
Festicket is also hoping for further organic growth through content optimisation as well as social features such a group payment sharing service with incentives for the more people you invite.
It is also exploring white-label opportunities to provide its travel platform to festival organisers.
Festicket received seed funding of $680,000 in early 2013 from Playfair Capital and Windcrest Partners who have also participated in this latest round.
The company claims an 800% increase in turnover in the past year.
Linda Fox is deputy editor for Tnooz. For the past eight years she has worked as a freelance journalist across a range of B2B titles including Travolution, ABTA Magazine, Travelmole and the Business Travel Magazine.
In this time she has also undertaken corporate projects for a number of high profile travel technology, travel management and research companies.
Prior to her freelance career she covered hotels and technology news for Travel Trade Gazette for seven years. Linda joined TTG from Caterer & Hotelkeeper where she worked on the features desk for more than five years.