Pep In Verve’s Step

Verve is continuing to grow, having recently closed $18.5 million in funding, according to an Oct. 10 announcement from the word-of-mouth sales software company.

Formerly known as Street Team, the U.K.-based company lets fans sell tickets to their friends in exchange for rewards such as VIP experiences.

Verve, which has grown from 170 to 450 clients in the past 12 months, has partnered with major North American ticketing companies including Eventbrite and Frontgate.

– Verve

The latest funding is led by venture capital firm Draper Espirit, with contributions by investors Kindred Capital, Frontline Ventures and Backed. Verve plans to use the $28.5 million raised to date to continue expanding within the live entertainment sector and to enter new markets.

Verve’s customers include Live Nation, AEG, C3, Bonnaroo, Voodoo Music + Arts Experience, and Electric Zoo.

“We were very impressed with the success of our advocacy program and the ability to get tickets into more fans hands and grow Voodoo Music + Arts Experience. We look forward to working with Verve again this year!” Patrick Dentler, marketing director of C3 Presents, said in a statement.