Femtosecond laser sources with high repetition rate in the ultraviolet (UV) and vacuum UV (VUV) are fundamental tools enabling tabletop time-resolved and angle-resolved photoemission spectroscopy in solids. We describe a VUV source at 114 nm (10.8 eV) based on an industrial grade ytterbium-doped ultrafast laser, a nonlinear pulse width selection stage, and two cascaded frequency tripling stages, first in crystals, second in xenon. The role of ionization in gas-based perturbative third harmonic generation phase-matching is analyzed using a simple theory, numerical simulations, and experimental data. The source features high photon flux, high repetition rate, and adjustable time resolutions. Thereby, in combination with a state-of-the-art angle-resolved photoemission spectroscopy (ARPES) apparatus it enables the study of the electronic dynamics of the whole Brillouin zone in a large number of materials.