All the world’s a stage for tech star born in Cambridge
A UK technology business serving the Arts world – originally formed as a student project within Cambridge University – has raised £5 million to fuel expansion – notably in the US.
Spektrix is now anchored in London but the idea for the venture was formed within the university by founders Michael Nabarro and Matt Scarisbrick.
They were part of the ADC Theatre – a department of the university and the oldest university playhouse in the country – and were dissatisfied with the existing client-server software used there at the time.
The ADC Theatre has helped to launch the careers of many luminaries, including Sir Ian McKellen, Rachel Weisz and Emma Thompson.
Now it has spawned stars for the business world as Spektrix grows its reach in both technology and territorial terms. The company has become the UK’s leading provider of cloud-based ticketing, marketing and fundraising software for the Arts.
The £5m investment from Foresight VCT plc and Foresight 4 VCT plc will be used to accelerate product development and support Spektrix’s international expansion, particularly in North America where it is already working with nearly 100 arts organisations.
Founded in 2007, Spektrix was an early pioneer in bringing cloud technology to the Arts. It is now the UK industry’s leading SaaS solution, encompassing ticketing, marketing, fundraising, analytics, and customer relationship management.
It has been recognised as one of the UK’s fastest growing technology companies by the Sunday Times TechTrack 100 and FT Future 100, and in 2018 helped almost 400 organisations to sell more than £500m of tickets.
The software delivers key digital business capabilities to arts and entertainment organisations, enabling clients like London’s Barbican Centre, New York Theatre Workshop and Toronto’s Royal Conservatory of Music to deepen customer relationships, understand sales trends in real time and power audience development.
Michael Nabarro, co-founder and CEO said: “The goal of Spektrix is to empower arts and entertainment organisations with the tools they need to excel in the evolving arts economy.
“This injection of growth capital gives us additional resources to expand strategically, increase the pace of innovation, and fully realise our ambitions for the sector on both sides of the Atlantic.
“This is the first external investment we have taken as a company and that is partly testament to Foresight’s reputation and approach to managing relationships with its portfolio companies.”