Booking Live receives £500,000 investment from The Summit Group and Creative England
Cloud-based booking software provider Booking Live will be radically expanding its customer base beyond enterprise-sized firms thanks to £500,000 of funding raised to launch its new freemium version.
The funding has been secured from two sources: venture capital firm The Summit Group, which has investing £300,000, and non-profit investors Creative England, which has provided the remaining £200,000.
Since 2009 Booking Live has been providing booking software to a growing list of high-profile clients from both the public and private sectors, including Greene King, Sky, Arla, the NHS, Hampshire County Council, Warrington Borough Council, and Transport for London.
Booking Live founder and CEO Vinnie Morgan has long had ambitions to offer a free version of his product that would be accessible to any organisation of any size: from SMEs to local voluntary organizations. Thanks to the new funding, this dream will be realized soon, possibly as early as Q3 of 2017.
Like other freemium booking products, Booking Live will collect a commission from the customer booking on all tickets. Although the pricing model is still being finalised, Booking Live has already committed to charging lower prices than other services currently on the market.
Although Booking Live is entering a market with several established players, Morgan is confident Booking Live can quickly establish itself as as an attractive option for organisers. Citing the company’s depth of experience in the enterprise-end of the industry, he commented:
“Booking Live is not a startup. We’re an established, profitable company with a growing customer base among large organisations with complex needs. We will be using that expertise to create the best booking software option for the freemium section of the market.
“For several years we have collected enormous amounts of data on how organisers and customers use booking software. This is allowing us to design a freemium version that will be exactly right for SMEs and smaller groups. The freemium product will not be exactly the same as the enterprise product, but it will not simply be a stripped down version either. It will be a tailored fit with a huge focus on an intuitive mobile-first and easy to use administration system.”
Booking Live will continue to provide its current cloud-based booking software product to larger companies and public sector organisations alongside the new freemium product.
Morgan explained, “We remain committed to growing our successful enterprise-level business through innovation and great service, and we will be using the success as a platform to extend our products to new markets.”