SeatGeek Scores $62 Million for Its Ticket-Selling App
Friday, May 1, 2015
Wall Street Journal (04/03/15) Kolodny, Lora
SeatGeek has raised $62 million in a Series C investment round led by Technology Crossover Ventures (TCV). The company helps customers find and procure tickets to sporting events, concerts, Broadway shows, nightclubs, and other live entertainment via its mobile app or website. The service offers a range of available tickets that come with seat maps, and all-in pricing that does not impose transactional, shipping, or other fees at checkout. SeatGeek founders Jack Groetzinger and Russ D'Souza say their app has been downloaded more than 3 million times, and they note it can help primary or secondary ticket resellers capture mobile commerce business without building their own apps. TCV General Partner Daniel O'Keefe expects SeatGeek to apply its new funding to maintain a “customer-centric approach” to ticket sales, while making substantial investments in “product innovation” and “brand building.” Among SeatGeek's partners are Telecharge.com, which sells Broadway and off-Broadway theater tickets; Wantickets, which sells tickets to electronic dance music events at clubs and festivals; and RazorGator, a secondary sports and concert tickets vendor. Groetzinger says SeatGeek intends to double its head count in the next 12 months, expand its marketing and supplier relationships in English-speaking European countries, penetrate foreign-language markets in 2016, and more broadly integrate Apple Pay technology into its app.
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