Startups

YC-backed CrowdVolt shakes up the secondary ticket market with its bid-ask model

Comment

CrowdVolt-founders in front of Y Combinator sign
Image Credits: CrowdVolt

The current secondary ticket exchange system is fraught with several issues, such as tickets being resold at prices much higher than their face value, exorbitant fees and other additional costs. Not to mention the risk of purchasing counterfeit or invalid tickets, resulting in a disappointing user experience. 

CrowdVolt wants to disrupt the space with its user-centric, bid-ask ticket marketplace, which aims to give buyers an affordable ticket price with full transparency. A graduate of Y Combinator’s Winter 2024 batch, CrowdVolt operates on a model similar to sneaker resell marketplace StockX, meaning buyers submit bids on tickets, and sellers set asking prices. When a bid aligns with an ask, the transaction is complete.

The platform’s bid-ask model could appeal to concertgoers because it allows them to name their desired price. Traditionally, secondary ticket marketplaces are focused on how much the seller wants to sell a ticket for, but CrowdVolt changes that. CrowdVolt also enables buyers and sellers to message each other, making ticket-buying less anonymous.

Earlier this year, CrowdVolt raised $1.4 million in funding; it’s backed by Brickyard VC, Goodwater Capital and Pioneer Fund, as well as angel investors such as YouTube co-founder Jawed Karim. The company plans to use the new capital to launch in additional markets in a few months, starting with Miami, Chicago and various cities in California. The funding will also go toward product development. 

Image Credits: CrowdVolt

CrowdVolt launched in late January and specifically caters to rave and EDM (electronic dance music) fans. It’s currently only available in New York, with the majority of venues located in Brooklyn, which is a popular destination among the EDM crowd. 

The startup’s journey began with three friends — Max Hammer (CEO), Josh Karol (CTO) and Aria Mohseni (COO) — who all share a deep love for EDM. Their personal frustration with the current ticketing process led them to create a platform designed to meet buyers’ needs. 

“One of our co-founders [Mohseni] is a DJ, so we started to go to a lot of events and found the [ticketing] process particularly friction intensive and opaque, ranging from releases six to nine months in advance to unclear buying processes with incumbents in the space,” Hammer told TechCrunch. “Other platforms lack buyer intent … We have a true-sided marketplace.”

The startup launched at an opportune time, given that one of the largest players, Ticketmaster, is in hot water. Apart from being under fire for its excessively high service charges, the Department of Justice recently filed an antitrust lawsuit alleging monopolistic practices. The company also confirmed that it was hacked, resulting in a data breach and theft of personal information.

CrowdVolt has grown to over 3,000 active users across around 250 listed events.  

The platform is currently only available on the web, but the company plans to launch a mobile app in six months.

More TechCrunch

Featured Article

Cloud infrastructure revenue approached $80 billion this quarter

The cloud infrastructure market has put the doldrums of 2023 firmly behind it with another big quarter. Revenue continues to grow at a brisk pace, fueled by interest in AI. Synergy Research reports revenue totaled $79 billion for the quarter, up $14.1 billion or 22% from last year. This marked…

Cloud infrastructure revenue approached $80 billion this quarter

The pharma giant won’t say how many patients were affected by its February data breach. A count by TechCrunch confirms that over a million people are affected.

Pharma giant Cencora is alerting millions about its data breach

Self-driving technology company Aurora Innovation is looking to raise hundreds of millions in additional capital as it races toward a driverless commercial launch by the end of 2024.  Aurora is…

Self-driving truck startup Aurora Innovation to sell up to $420M in shares ahead of commercial launch

Payments infrastructure firm Infibeam Avenues has acquired a majority 54% stake in Rediff.com for up to $3 million, a dramatic twist of fate for the 28-year-old business that was the…

Rediff, once an internet pioneer in India, sells majority stake for $3M

The ruling confirmed an earlier decision in April from the High Court of Podgorica which rejected a request to extradite the crypto fugitive to the United States.

Terraform Labs co-founder and crypto fugitive Do Kwon set for extradition to South Korea

A day after Meta CEO Mark Zuckerberg talked about his newest social media experiment Threads reaching “almost” 200 million users on the company’s Q2 2024 earnings call, the platform has…

Meta’s Threads crosses 200 million active users

TechCrunch Disrupt 2024 will be in San Francisco on October 28–30, and we’re already excited! Disrupt brings innovation for every stage of your startup journey, and we could not bring you this…

Connect with Google Cloud, Aerospace, Qualcomm and more at Disrupt 2024

Featured Article

A comprehensive list of 2024 tech layoffs

The tech layoff wave is still going strong in 2024. Following significant workforce reductions in 2022 and 2023, this year has already seen 60,000 job cuts across 254 companies, according to independent layoffs tracker Layoffs.fyi. Companies like Tesla, Amazon, Google, TikTok, Snap and Microsoft have conducted sizable layoffs in the…

A comprehensive list of 2024 tech layoffs

Intel announced it would layoff more than 15% of its staff, or 15,000 employees, in a memo to employees on Thursday. The massive headcount is part of a large plan…

Intel to lay off 15,000 employees

Following the recent lawsuit filed by the Recording Industry Association of America (RIAA) against music generation startups Udio and Suno, Suno admitted in a court filing on Thursday that it did, in…

AI music startup Suno claims training model on copyrighted music is ‘fair use’

In spite of a drop for the quarter, iPhone remained Apple’s most important category by a wide margin.

iPad sales help bail out Apple amid a continued iPhone slide

Molly Alter wears a lot of hats. She’s a mocumentary filmmaker working on a project about an alternate reality where charades is big business. She’s a caesar salad connoisseur and…

How filming a cappella concerts and dance recitals led Northzone’s newest partner Molly Alter to a career in VC

Microsoft has a long and tangled history with OpenAI, having invested a reported $13 billion in the ChatGPT maker as part of a long-term partnership. As part of the deal,…

Microsoft now lists OpenAI as a competitor in AI and search

The San Jose-based startup raised $60 million in a round that values it lower than the $500 million valuation it garnered in its most recent round, according to multiple sources.

Sequoia-backed Knowde raises Series C at a valuation cut

X (formerly Twitter) can no longer be accessed in the Mac App Store, suggesting that it has been officially delisted.  Searches for both “Twitter” and “X” on Apple’s platform no…

Twitter disappears from Mac App Store

Google Thursday said that it is introducing new Gemini-powered features for Chrome’s desktop version, including Lens for desktop, tab compare for shopping assistance, and natural language integration for search history.…

Google brings Gemini-powered search history and Lens to Chrome desktop

When Xiaoyin Qu was growing up in China, she was obsessed with learning how to build paper airplanes that could do flips in the air. Her parents, though, didn’t have…

Heeyo built an AI chatbot to be a billion kids’ interactive tutor and friend

While the company was awarded a massive, $4.2 billion contract to accelerate Starliner development in 2014, it was structured as a “fixed-price” model.

Boeing bleeds another $125M on Starliner program, bringing total losses to $1.6B

Welcome back to TechCrunch Mobility — your central hub for news and insights on the future of transportation. Sign up here for free — just click TechCrunch Mobility! Summer road…

Anthony Levandowski bets on off-road autonomy, Nuro plots a comeback and Applied Intuition gets more investor love

Google’s new features include Gemini in BigQuery and Looker to help users with data engineering and analysis.

Google Cloud expands its database portfolio with new AI capabilities

Rad Power Bikes, the Seattle-based e-bike startup that has raised more than $300 million from investors, went through another round of layoffs in July, TechCrunch has exclusively learned. This is…

VC darling Rad Power Bikes hit with another round of layoffs

Five years ago, as robotaxis and self-driving truck startups were still raking in millions in venture capital, Anthony Levandowski turned to off-road autonomy. Now, that decision — which brought the…

Why Anthony Levandowski returned to his off-road autonomous vehicle roots with AV startup Pronto

Commercial space station company Vast is building a private microgravity research lab as part of its wider Haven-1 station plans. The module is set to launch no earlier than the…

Vast plans microgravity lab on its Haven-1 private space station

Google Cloud is giving Y Combinator startups access to a dedicated, subsidized cluster of Nvidia graphics processing units and Google tensor processing units to build AI models. It’s part of…

Google Cloud now has a dedicated cluster of Nvidia GPUs for Y Combinator startups

StackShare is one of the more popular platforms for developers to discuss, track, and share the tools they use to build applications.

Open source startup FOSSA is buying StackShare, a site used by 1.5M developers

Featured Article

Indian startups gut valuations ahead of IPO push

Ola Electric and FirstCry are set to test investor appetite with public listing, both pricing their shares below their previous valuation asks.

Indian startups gut valuations ahead of IPO push

The European Union’s risk-based regulation for applications of artificial intelligence has come into force starting from today.

The EU’s AI Act is now in force

The company also said it has received regulatory clearance to start Phase 2 clinical trials for a new drug in the U.S. later this year.

Healx, an AI-enabled drug discovery platform for rare diseases, raises $47M

The European Commission (EC) has given the go-ahead to HPE’s planned megabucks acquisition of Juniper Networks.

EU greenlights HPE’s $14B Juniper Networks acquisition

Meta, which develops one of the biggest foundational open source large language models, Llama, believes it will need significantly more computing power to train models in the future. Mark Zuckerberg…

Zuckerberg says Meta will need 10x more computing power to train Llama 4 than Llama 3