Verve, a UK-based brand advocacy network operator backed by record company Universal Music Group, closed an $18.5m series B round today.
The round was led by venture capital firm Draper Esprit and included VC fund Kindred and VC firms Frontline Ventures and Backed.
Fomerly known as StreetTeam, Verve runs a service that enables brands to recruit advocates to market and sell event tickets to friends in return for incentives such as VIP access or free tickets.
Callum Negus-Fancey, Verve’s co-founder and CEO, told TechCrunch that its number of clients had increased from 170 to 450 over the past 12 months.
Verve plans to use the funding to hire more developers and expand its sales team in preparation for an international expansion.
Universal Music Group participated in a $10m round for the company in October 2016 that was co-led by Kindred Capital, Frontline Ventures and Backed, with participation from investment firm Saatchinvest and angel investor Peter Davies.