Broker Genius, a dynamic pricing technology provider for the secondary market, has secured $15m (€11.4m/$12.9m) in a Series A funding round from Boston-based growth equity firm Volition Capital.
Broker Genius offers pricing automation technology in the live event secondary market. Its technology automates a reseller’s pricing strategy, which can lead to an increase in profits.
The proceeds from the funding round will go towards product development, expanding coverage and enhancing big data and machine learning capabilities, the company said.
Advancements in the technology will enable ticket resellers to augment the quantitative market information with qualitative variables.
For example, when pricing a baseball game, the company’s software augments market-related information with qualitative factors, such as opposing team, starting pitchers, weather and standings. This will improve a reseller’s ability to predict the optimal value of each ticket and maximise returns.
“It has been an exciting period in our history,” said Broker Genius chief executive and founder Sam Sherman.
“The future of Broker Genius relies on constant innovation which is centred 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 behaviours.”
Volition Capital managing partner Sean Cantwell added: “We were extremely impressed by the calibre of Broker Genius’ technology, team, and vision. In less than three years, the company 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.”
Broker Genius chief financial officer John Lucier said: “Partnering with Volition Capital allows us to continue enhancing and scaling our world-class pricing services, while introducing new features and products that will deliver incremental value to our customers.”