SeatGeek, a ticketing technology platform, has raised $238 million, just two months after its bid to go public via a SPAC merger with RedBall fell through. The agreement with RedBall valued SeatGeek at $1.35 billion, but it was terminated in June due to unfavorable market conditions.
The Series E financing round was led by long-time investor Accel, with participation from Wellington Management, Arctos Sports Partners, and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smith Entertainment Group (SEG), which includes the Utah Jazz.
SeatGeek, a high-growth technology platform transforming the live event experience for fans, is now valued at $1 billion on a pre-money basis. The valuation is after SeatGeek exceeded all 2021 public financial forecasts and is on track to more than double revenue in 2022.
“Securing $238 million in a volatile market speaks to the strength of our business and the incredible opportunity ahead. We have ambitious plans for the future and are approaching business expansion with extra diligence, care, and a long-term view of success in mind,” said Jack Groetzinger, CEO and co-founder of SeatGeek.
SeatGeek aims to transform the live-event experience for fans
SeatGeek was founded in 2009 to provide teams, leagues, and venues with a vertically-integrated, mobile-centric technology platform for buying, selling, and return tickets. This integrated stack streamlines existing ticketing processes, enabling sports organizations and venue operators to create new user experiences that increase revenue.
The company currently works with over 200 clients in sports and entertainment, as well as league-wide partnerships with the NFL and Major League Soccer (MLS). It also collaborates with Nascar and half of the Premier League teams.
“As a tech company purpose-built to reinvent the live entertainment experience, this new capital enables us to deepen our support for our customers because what we all want, and deserve, is to shake up this antiquated industry for the better,” said Jack Groetzinger.
“The pandemic has fundamentally reshaped the way people think about how they want to spend quality time outside of their homes, and we’re proud to have SeatGeek continue to play an important part in ensuring their live event experiences are memorable and life-changing,” added Groetzinger.
SeatGeek plans to invest the new funds in various areas, including continuing to invest in its people, product, and partners and expanding its Rally, its personalized event-day experience platform.
“Since we first partnered with SeatGeek in 2014, the team has stayed committed to transforming live events by consistently building terrific products for teams and fans,” said John Locke, partner at Accel and member of SeatGeek’s Board of Directors.