A company providing a platform which enables people to buy nightclub and event tickets via their smartphones, is the first to receive investment from a fund set up to support businesses that have the potential to bring job creation and economic prosperity.
The cornerstone investment from the Coast to Capital Growth Equity Fund is part of a larger funding round – the company’s third round to date – which also includes monies from The FSE Group’s South East Seed Fund and Angel Club, as well as other investors.
Launched in October 2013 in response to the founders’ own frustrations around nightclub entry, FIXR offers a paperless and cashless system for purchasing tickets both in advance and last minute. The real-time updates available through the platform mean that nightclub staff and event organisers can see live ticket sales information and manage capacity more easily.
Nick Stone, FIXR’s CEO and co-founder, says: “Our app appeals to the tech-savvy, on-demand generation who increasingly expect to be able to make instant purchases and connections whilst on the move. This investment is a major step forward that will help us to grow our team and implement a host of exciting new features to benefit both consumers and event organisers.”
Since launching FIXR in London just over a year ago, the company has gained momentum and has worked with some major brands including Ministry of Sound, GetTaxi and LG. It is now operating in four cities and rolling out its services across the UK, with plans to launch internationally in the future.
This marks the first investment from the Coast to Capital Growth Equity Fund, which is part of the Coast to Capital Funding Escalator, supporting businesses across parts of Surrey and Sussex. FIXR will be relocating to Brighton in the New Year.
Avent Bezuidenhoudt, Senior Fund Manager at The FSE Group, which manages the Coast to Capital Growth Equity Fund on behalf of the Coast to Capital Local Enterprise Partnership (LEP) comments: “With a strong management team, an impressive list of clubs on offer and partnerships with key players, FIXR is ready to take the next steps in rolling out its offering. It has an exciting pipeline of developments planned for the app which will further enhance its relevance and appeal to both event organisers and their end users.”
The Coast to Capital Funding Escalator is a £5million initiative funded by Coast to Capital LEP. The escalator, which also includes an expansion loan scheme, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.