Broker Genius, a New York startup that helps secondary ticket sellers automate their pricing strategy, has secured a $15 million Series A round of funding from Boston-based growth equity firm Volition Capital. The company's technology takes into account variables like market size, weather and standings (for sporting events) to predict the optimal value of a ticket before it goes to market -- a platform it says has priced ticket inventory priced at over $2 billion.
"It has been an exciting period in our history," said Broker Genius CEO and founder Sam Sherman. "The future of Broker Genius relies on constant innovation which is centered increasingly around big data and machine learning. Volition Capital’s investment will allow us, among other things, to continue investing in data science so we can more accurately forecast market trends and behaviors."
Broker Genius launched three years ago and "grew from a few people working in Sam’s basement to over 100 employees focused on solving some of the industry’s most complex problems," said Volition managing partner Sean Cantwell in explaining why the firm was investing now. The company recently opened two new offices, in Reno, Nevada and Barcelona, Spain.