Seaters has generated a further $3m (£2.4m/€2.8m) in a fresh funding round that has increased the marketing technology company’s capital to $8m.
The latest funding round has capacity for an additional $2m to be raised, according to the company, which works with brands, sponsors and professional sports teams and venues to transform unused tickets into “customer acquisition, customer retention, employee engagement and other direct brand value enhancement generators”.
Seaters said that the capital would be used to expand the business in the US and Europe, with the company already having offices in New York, Brussels, Paris and London.
Investment firm Albatros Invest has joined founding investors Michel Akkermans and Chris Burggraeve in supporting the company following the latest round.
“We found Seaters a compelling investment because of the global size of the opportunity, the application of technology to simplify an otherwise complicated process, and the focus and professionalism of the management team,” Albatros Invest’s Nikolay Sergeev said.
Akkermans added: “Seaters provides an innovative, simplifying solution to a global problem. The size and scope of the addressable market is enormous. Now that we have demonstrated success with marquee customers, it is time to scale into the marketplace.”
Seaters helped financial services provider BNP Paribas to reduce unused tickets from 18 per cent per year to less than one per cent, representing $2m of value to date. Other customers include soft drinks giant Coca-Cola and Dutch telco KPN.