Startup StreetTeam runs “peer-to-peer sales software”, which gets people to “sell the products they love to their friends in exchange for rewards”. The company has worked for live events including festivals Bonnaroo, Bestival, Reading and Leeds, and SW4. Now the startup has announced a $10m funding round led by Spring Partners, Frontline Ventures, Kindred and Backed. However, Universal Music Group is also on board as a strategic investor in the round. StreetTeam says that in the last year it has sold more than 200k tickets globally; and grown from 30 to 170 clients. “Millennials trust the recommendations of friends and peers above anything else. StreetTeam has built a product that allows brands to engage with this generation in a more authentic, cost effective and tailored way by enabling brands to harness genuine fan advocacy,” is how Frontline Ventures partner William McQuillan hailed the company’s potential impact.
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