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Sports Stars Come Together to Hand SeatGeek $35M

Thursday, October 02, 2014   (0 Comments)

Forbes (08/28/14) Strauss, Karsten

The SeatGeek event ticketing firm recently announced a $35 million deal with shareholders that include Accel Partners, Superbowl star players Peyton and Eli Manning, Seattle Mariners co-founder and Real Networks founder Rob Glaser, hip-hop artist Nas, and National Basketball Association veterans Shane Battier and Mike Dunleavy Jr. The series B funding round was held after SeatGeek experienced growth and acquired and shuttered a major rival, in the wake of about $2.5 million raised in its initial funding round. The company offers a system for sorting through multiple ticket outlets to find the best price to various entertainment events, and SeatGeek has had its mobile app downloaded nearly 2 million times. SeatGeek not only has built maps of more than 1,000 venues, but it also enables members to select teams or artists they would like to follow, informing them when those particular events are coming. SeatGeek anticipates making more than $160 million in ticket sales this year, with mobile transactions expanding 70 percent per month. Site transactions leaped 50 percent month over month in August to $13 million. “As our world gets more complicated, tools that give consumers simple solutions to make big purchases are going to win in the market, and we believe SeatGeek is that solution for live event ticketing,” Nas says.

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