Nick Candy, a billionaire British property developer known for Candy Ventures, has invested £2 million in Vibe Tickets, acquiring a 23 percent stake in Vibe Group.
Candy is funding his investment in Vibe through his private fund Candy Ventures, IQ Mag reports, making himself a minority shareholder. Luke Massie, the founder and CEO of Vibe, still remains the majority shareholder, joined by others like Scott Fletcher MBE and the investment firm Vela Technologies. Last year, the Lancashire-based company was bought out of administration by Massie, which was later gifted equity to the original investors.
According to Business Cloud, Candy’s investment will support Vibe’s new peer-to-peer mobile payment platform Vibe Bay, as well as the community-oriented resale marketplace Vibe Tickets. Massie explained in a press release that Candy’s backing is a “significant milestone” for Vibe Group, and his experienced team at Candy Ventures, along with support from Scott and Vela, is a “huge endorsement for the brand.”
“We are gathering momentum at an incredible pace and making major progress in product development,” Massie said. “We always put the consumer first and build products that add value to their everyday lives.”
Candy said that he recognizes a lot of “entrepreneurial qualities” in Luke that will help Vibe and appreciates that he has “identified real demand from consumers and developed some game-changing products.”
“Candy Ventures is excited for the potential of this investment,” Candy said.