Vela Technologies chips in to Vibe Tickets fundraising

The AIM-traded firm said that, as a result £200,000 of the funds raised pursuant to the loan note fundraising are being used specifically by Vela to invest in THEVIBE Ltd - trading as Vibe Tickets - a Lancashire-based “disruptive ticketing” platform.

Vibe Tickets is currently undertaking a £600,000 equity fundraising through crowdfunding platform Crowdcube, and Vela has agreed to invest £200,000 in the fundraising.

Vela said its investment is binding in nature and the funds are being remitted by Vela to Crowdcube today.

The investment by Vela is being funded from existing cash resources, and the Vibe fundraising is expected to complete during October.

“Vibe Tickets fits perfectly the profile of a business that Vela likes to invest in,” said executive director Antony Laiker.

“The multi-billion pound primary and secondary ticket markets are dominated by big companies who effectively control the pricing and distribution of tickets often to the detriment to true music or sports fans.

“These fans are often priced out of the market and / or charged excessive fees.”

Laiker said Vibe Tickets offers an alternative, allowing fans to use the Vibe app, to buy and sell tickets transparently at face value or less.

“Vibe was a finalist in the recent Virgin Media Business ‘VOOM 2016’ competition which won them the support of Sir Richard Branson and Virgin Media who are continuing to provide promotional support to Vibe.”

Laiker said although the business started life three years ago, and is still pre-revenue, the recent launch of the Vibe app has allowed the business to scale up and grow more rapidly.

“We wish Luke Massie and his team all the best and look forward to working with and assisting Vibe in the future.”

At 1457 BST, shares in Vela Technologies were up 3.45% to 0.15p.