Silicon Roundabout start-up Songkick has received a $10m investment from VC giant Sequoia Capital, its first venture in the UK.
The company, founded in 2007 by Ian Hogarth, Michelle You and Pete Smith, aims to make concert going a much easier and frequent event. It lets users "follow" their favourite artist so they can receive gig announcements and ticket news when they are playing in the user’s neighbourhood. The site also features gig reviews, set lists, photos and videos.
The company is not revealing what the investment will be used for but it could be that the service is looking to launch a ticket-buying service or perhaps a concert streaming platform. CEO Ian Hogarth did confirm that some money will be used to increase the headcount at Songkick.
"We’re working round the clock right now on some big new features that I can’t wait to tell you about. We’ll be available in more places you’ve been telling us we should be. And we’re working on some very special new features to bring you closer still to the artists you love," the company added on its blog.
The investment is a significant one for the UK tech scene as it represents Sequoia’s first foray into the UK. The company has previously backed huge tech brands such as Apple, Google, Cisco, Oracle and Yahoo.
It shows that Silicon Roundabout is gaining visibility on the world stage. With the majority of tech VCs being concentrated in the Silicon Valley area of California some observers had wondered whether UK start-ups based around the Old Street roundabout in the Shoreditch area of East London would ever be on their radar.
That was one of the aims of the Tech City initiative launched by the government. It was designed to help start-ups around Silicon Roundabout to grow and fulfil their potential and turn the area into a UK version of Silicon Valley.
In fact, Eric Van der Kleij, CEO of the Tech City Investment Organisation, told CBR last year that he was "taking one big VC fund around Tech City each week. They’re not stupid; they’ve got their scouts out and their radars are up. They know there is opportunity here."
Now he says the Songkick announcement is "fantastic news, not only for the team at Songkick, but also for the London and UK start-up community."
"Securing funding from a top Silicon Valley VC firm is testament to the very high calibre team at Songkick, but also sends a clear signal that major international investors are increasingly recognising the UK and London’s ecosystem as a great place to headquarter high potential, venture-backed businesses," he added.
