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New York –Seat GeekThe high-growth technology platform that is transforming the live event experience for fans, teams and venues announced today that it has raised $238 million as part of a Series E funding round led by long-term investor Accel, with participation from Wellington Management, Arctos Sports Partners and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smiths Entertainment Group (SEG) including the Utah JazzThe investment, based on a pre-money valuation of $1 billion, comes after SeatGeek beat all public financial forecasts for 2021 and is on track to double its revenue by 2022.
“Securing $238 million in funding in a volatile market is a testament to the strength of our business and the incredible opportunities ahead. We have ambitious plans for the future and are doing so with greater diligence, prudence and a long-term vision for success Business expansion,” said SeatGeek CEO and co-founder Jack Groetzinger. “As a technology company that aims to reinvent the live entertainment experience, this new capital allows us to deepen our support for our customers because what we all want and deserve is to make this outdated industry better. This pandemic Illness has fundamentally changed the way people think about how to spend quality time outdoors, and we’re proud SeatGeek continues to play an important role in ensuring their live event experiences are memorable and life-changing.”
SeatGeek will use the new capital in a number of ways, including continuing to invest in its people, products and partners, and further investing in several key areas such as Rally, its personalized event day experience platform; SeatGeek Swaps, the first-ever platform offered by major ticketing platforms a return policy; and its enterprise ticketing software, which supports the entire ticketing ecosystem by providing teams and venues with an end-to-end solution.
“Since we first partnered with SeatGeek in 2014, the team has been committed to transforming live events by continuing to build great products for teams and fans,” said Accel Partner and SeatGeek Board Member John Locke. “We are more excited than ever about the company’s future and we look forward to working closely with Accel’s family and friends such as Ryan Smith, Arctos Sports Partners and Wellington Management in the years to come.”
“SeatGeek stands out in the live entertainment ecosystem. Chad Hutchinson, Partner at Arctos Sports Partners and SeatGeek Board Member, said the company is driving innovation in a rapidly changing ticketing environment where teams and fans demand greater flexibility and engagement.” We look forward to being a thought partner to Jack and the SeatGeek team as they continue to provide best-in-class ticketing solutions ensuring a great experience for fans, teams and venues. “
“SeatGeek is changing the way people experience live events,” said Matt Witheiler, Head of Consumer/Technology at Wellington Management. “Their diverse and resilient business model is perfect for an environment where fans seek out event tickets and return to experience it in person.”
Today, SeatGeek supports more than 200 clients in sports and entertainment, including the New Orleans Saints, Dallas Cowboys, Arizona Cardinals, NBA Brooklyn Nets, Cleveland Cavaliers, New Orleans Pelicans, Washington Commanders and the Jujamcyn Theater at five Broadway theaters in New York.
The company also has league-wide agreements with the National Football League (NFL) and Major League Soccer (MLS), and owns half of the English Premier League (EPL) tickets, including Liverpool FC and Premier League champions Manchester City FC. The company also recently signed deals with the NHL’s Florida Panthers and team-owned and operated venues, NASCAR and its owned and operated tracks, the Fiesta Bowl and the Citi Open.
The company was also named to Fast Company’s 2022 Most Innovative Companies list for the third time in five years — more than any other major live event ticketing company, and No. 3 on Andreessen Horwitz’s prestigious Marketplace 100 list, which ranks is the largest consumer-facing private company and was recently named to Inc. Magazine’s 2022 annual list of the best places to work.
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