Last Second Tickets, which provides discounted prices on unsold tickets of which there are reported to be 50 million a year in the UK, has been backed by Markco Media.
The £1 million transaction follows on from the company’s first round of £450,000 which also came from Markco Media, along with Charlotte Street Capital, back in January 2012.
Founded three years ago by Craig Massey, the business intends to use its new equity investment to build its technology team to help scale up by automating processes, as well as ramping up its marketing.
Following the deal, Last Second Tickets will continue to work out of Markco Media’s London office and will now become a member of the Markco Media ‘family’.
The business claims it is the only company specialising in the unsold tickets arena, and says it saves consumers money by securing unsold tickets directly from promoters and venues in the days running up to events.
It also has a loyalty scheme which is offered to corporate clients such as Tesco, Mercedes Benz and Philips, an area which the company reveals is its biggest growth area.
The investment in Last Second Tickets is being led by Mark Pearson, the founder of online discount business MyVoucherCodes. Speaking to GrowthBusiness back in September 2011, Pearson said he was ‘actively’ looking for businesses to invest in.
Pearson is now the chairman of Markco Media, the parent company of MyVoucherCodes. In August 2011, Markco Media acquired mobile vouchers and coupons business VouChaCha for £6 million.
Commenting on the investment in Last Second Tickets, Pearson says, ‘When choosing to invest, scalability is always at the forefront of my mind and the way Craig and his team have built a unique business with multiple arms is exciting.’
Massey says that while he is pleased about the accomplishments of his business, it is only the ‘tip of the iceberg’.
He adds, ‘To have an entrepreneur like Mark on your side is fantastic. I think I speak for the team when I say that we’re excited about the future of Last Second Ticket, which aims to become a leading global player in corporate loyalty schemes.’