The current secondary ticket exchange system is plagued by various issues, including tickets being resold at significantly inflated prices, excessive fees, and the risk of purchasing counterfeit or invalid tickets, leading to a disappointing user experience.
CrowdVolt aims to revolutionize the ticket exchange space with its user-centric, bid-ask ticket marketplace, offering buyers affordable prices with full transparency. As a Y Combinator Winter 2024 graduate, CrowdVolt operates similarly to StockX, allowing buyers to submit bids on tickets and sellers to set asking prices until a match is made for the transaction.
The bid-ask model proposed by CrowdVolt appeals to concertgoers as it empowers them to state their desired price, shifting the focus from seller pricing to buyer preferences. Additionally, the platform facilitates communication between buyers and sellers, making the ticket-buying experience more personalized.
Having recently secured $1.4 million in funding from investors like Brickyard VC, Goodwater Capital, Pioneer Fund, and angel investors, CrowdVolt plans to expand its operations to new markets, starting with Miami, Chicago, and various cities in California. The funding will also support product development initiatives.
Launched in late January, CrowdVolt is tailored for rave and EDM enthusiasts, currently operating in New York with most venues located in Brooklyn, a hub for the EDM community.
Founded by Max Hammer (CEO), Josh Karol (CTO), and Aria Mohseni (COO), who share a passion for EDM, CrowdVolt was born out of their frustration with existing ticketing processes. Their platform prioritizes buyer needs, offering a more seamless and transparent ticket-buying experience.
CrowdVolt’s emergence coincides with Ticketmaster facing scrutiny for high service charges, antitrust allegations, and a data breach. With over 3,000 active users and around 250 events listed, CrowdVolt continues to grow and provide a fresh alternative in the secondary ticket market.
Although currently accessible only via the web, CrowdVolt plans to launch a mobile app in the next six months to enhance user convenience and accessibility.
