Live event ticket software platform DTI Management has received $75m (£61m/€68m) in funding from investment groups CVC Growth Fund and New Amsterdam Growth Capital.
DTI, which is headquartered in Virginia, US, streamlines live event ticket distribution and has partnerships with StubHub, SeatGeek, Vivid Seats, and Ticketmaster.
It provides a controlled secondary ticket-selling environment for artists and venues as well as major sports teams, such as the Cleveland Cavaliers and Phoenix Suns NBA basketball teams.
“We are very excited to partner with CVC for our next phase of growth as we continue to develop a transparent and accountable global distribution platform for sports and live entertainment tickets,” said Curtis Cheng, founder and chief executive of DTI.
“This investment will allow DTI to continue scaling our platform, which has emerged as the leading choice for ticket brokers, and to secure access to large scale ticketing deals on their behalf. It will also enable us to continue to invest in expanded technology and product offerings in order to support our vision of being the global leader in the distribution of sports and live entertainment tickets.”
CVC, which is a subsidiary of CVC Capital Partners and manages $1bn in equity commitments, said it was attracted to DTI because of the potential of the digital and mobile ticketing sector.
“DTI is a clear industry leader, bringing transparency and accountability to the secondary ticket-selling environment, while also providing value to key constituents in the ticket value chain,” said John Clark, managing partner of CVC Growth Partners. “The secondary ticketing market has seen strong growth in recent years, and we are excited to partner with Curtis and his management team.”
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