After 10 years as an investment banker, Mehdi Nayebi came up with an idea for a potentially lucrative venture. In 2012, armed with an enviable contact book and financial knowhow, he joined forces with family friend Tina Mashaalahi and set up KweekWeek, a ticket-selling platform.
“It was unorthodox, but we got a very good amount of funding from my old managers – senior people in the bank,” says Nayebi. With high-profile competitors such as Ticketmaster and Eventbrite already dominating the market, he nevertheless convinced them that KweekWeek was worth backing.
“In London, there’s an enormous market in the events industry and it was something we could sell to everyone: tourists; someone who knows London really well; people in their 20s, 30s, 40s,” he says.
“A lot of our competitors were created in an era when there were no smartphones or social networks. They had hardly evolved from traditional web businesses. The shift in technology gave us the opportunity to compete with companies that were far ahead [of us].”
Nayebi’s hunch proved right: the brand has grown 20% per month since launching in 2012 and now is responsible for over £150,000 worth of ticket sales each month.
Nayebi describes KweekWeek’s business model as being similar to Airbnb. Free events have no listing charge, while KweekWeek takes a commission from paid-for tickets.
However, inspired by companies such as Spotify, Nayebi is testing out a new model. KweekWeek is becoming a subscription service where planners are charged a monthly flat rate fee for listing as many events as they like.
Mashaalahi admired her co-founder’s adaptability and felt they would work well together. “We’re both workaholics and perfectionists, and are keen on self-development,” she explains.
“Mehdi’s business background, his connections and the bridges he’s built, have meant it’s a lot easier for us to raise funds.”
Instilling a positive, hard-working company culture has also been important. Nayebi says that working in a small office means that “everything influences everyone”. So he has to be tough when it comes to hiring decisions.
“You can have a truly talented person that joins your company, but if they don’t share your passion you need to be able to immediately go your separate ways,” he explains. Mashaalahi says Nayebi leads by example: “He’s very ambitious and that rubs off on others.”
Nayebi was keen to build a multicultural company and all 14 employees have a second language, while most are from outside the UK. This has helped KweekWeek to gain a foothold in new markets, which is integral to Nayebi’s plans for the future of the business.
“We’ve seen events promoted organically in five or six countries,” he says. “My aim is to take that approach to the next stage, hiring two or three more salespeople and really attacking the market. We have the right talent and exposure, and there’s nothing to stop us.”
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