London-based startup KweeKweek today announced it has raised $3.25 million (£2 million) to expand abroad in the same way that apps like Citymapper and YPlan have done over the last year.
The web and mobile platform is designed as a one-stop-shop for both event organisers and event attendees, giving event hosts access to online tools they can use to manage and promote their event and giving event attendees recommendations for new events based on location, history, personal preferences and social cues.
The investment will be used to continue the development of the KweekWeek product, to grow the company’s technology and sales teams and to initiate its expansion into new markets with a launch in New York and several European cities by the end of the year.
KweekWeek believes it was able to attract the private angel investors as a result of tax relief programmes such as the Enterprise Investment Scheme (EIS).
“KweekWeek aims to make event management easier and more efficient for organisers, providing an end-to-end service which they can use to manage and promote their events, as well as maintain a relationship with attendees after the event has taken place,” said Mehdi Nayebi, CEO and Co-Founder of KweekWeek.
“Event attendance is also a very fragmented process from a consumer’s point of view. They have to go to multiple sources to find out about events they are interested in, decide where to buy their ticket from, research the venue - processes that typically involve several disconnected sources. KweekWeek makes it easy for people to get all the information in one place, with their preferences being recorded so they can be alerted to future events they may be interested in,” he continued.
Since launch in late 2012, more than 150,000 tickets have been sold through KweekWeek, with the site seeing over 100,000 visitors each month since the beginning of 2014.
“Young companies such as ours based in Europe often struggle to raise significant seed funding rounds, especially when compared to the amount that companies based in the US can raise," said Nayebi.
"For all of the buzz around the London technology scene, there is still a lack of early stage institutional investment here, but these schemes can be of great benefit to startups like ours."