UK-based marketing company StreetTeam has closed a $10m funding round featuring record label Universal Music Group and Saatchinvest, the investment unit of advertising firm M&C Saatchi, TechCrunch reported yesterday.
The round was co-led by Kindred Capital, Frontline Ventures and Backed. Angel investor Peter Davies also contributed money to the round, which included the conversion of a convertible note.
StreetTeam operates a platform that lets brands recruit users, dubbed ambassadors, to market and sell event tickets to friends by providing incentives such as free entrance for the ambassador when they sell 10 tickets.
The company claims to have assembled more than 51,000 ambassadors across locations such as the US, Europe, Australia and New Zealand.