Timbre, a local concert discovery app that has been a real leader in this area of tech activity, was acquired last week by Seatwave, a secondary ticketing marketplace based in London. Seatwave is not bringing on the team who will remain at Timbre parent company Intrepid Pursuits. The purchase price was not announced. Timbre will continue as an app while Intrepid Pursuits will turn to other mobile projects.
The purchase was said to be a combination of cash and stock but the amount was not revealed. Intrepid Pursuits CEO Mark Kasdorf said that it was âa great exit for a company that only raised a seed round...[though] not a VC home run by any means.â
Kasdorf also pointed out:
"âWe didnât ever attempt to figure out a great monetization model, but a ticketer like Seatwave can fill our app with their [ticket] inventory, so itâs a great model for them.â
Though they didn't take the team, Timbre will be consulting for Seatwave in the immediate future. As the Timbre blog states:
"The Timbre team is working closely with Seatwave to create a brand new best-in-class experience for live music discovery. The acquisition doesnât mean the end of Timbre; it will continue to deliver concert listings across the globe."
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Hypebot Senior Contributor Clyde Smith (@fluxresearch) posts music crowdfunding news @CrowdfundingM. To suggest topics about music tech, DIY music biz or music marketing for Hypebot, contact: clyde(at)fluxresearch(dot)com.