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With $2.2M in New Funding, SeatGeek Acquires and Shuts Down Ticketing Competitor FanSnap

Thursday, February 13, 2014   (0 Comments)

TechCrunch (12/19/13) Ha, Anthony

SeatGeek recently purchased ticketing site FanSnap from Wize Commerce, which had acquired FanSnap two years ago. SeatGeek co-founder Russell d'Souza says the deal closed in late November, roughly when SeatGeek closed $2.2 million in new funding from current investors, largely to fund the acquisition. He says the acquisition is designed to introduce new users to SeatGeek and acquire FanSnap's technology, which will benefit SeatGeek while securing it from potential competitors. The FanSnap website has been shut down and now redirects users to SeatGeek. Financial details of the purchase were not revealed, but d'Souza says none of the Wize team members working on FanSnap would join SeatGeek. He also says SeatGeek is selling $6 million worth of tickets per month, about threefold what it was selling at the same time a year ago, with 3.5 million monthly visitors across desktop and mobile. Data from comScore reveals that the number of SeatGeek unique desktop visitors in the U.S. grew from 697,000 in November 2012 to 757,000 in December 2013. D'Souza notes that FanSnap acquainted "users to the benefit of seeing multiple ticket sellers on the same screen, showing just how often the secondary market can have the best deal for any game or show."

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