Ticketing platform SeatGeek has announced a $238m (£205m/€238m) Series E private financing round, with Ryan Smith, the owner of the Utah Jazz NBA basketball franchise, among the investors.
Other organisations to have participated in the funding round include long-time investor Accel, as well as Arctos Sports Fund and Wellington Management.
Smith is the founder and executive chairman of Qualtrics and the founder of Smith Entertainment Group, which includes the Utah Jazz.
This latest funding round, which values the business at $1bn on a pre-money basis, will support continued investment in the fan experience, the expansion of primary ticketing market share, and help further scale the company’s technology and operations.
“Securing $238m in a volatile market speaks to the strength of our business and the incredible opportunity ahead,” said Jack Groetzinger, CEO and co-founder of SeatGeek.
“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.
“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.
“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.”
Today, SeatGeek has more than 200 clients across the sports and entertainment landscape, including the New Orleans Saints, Dallas Cowboys, Arizona Cardinals, NBA’s Brooklyn Nets, Cleveland Cavaliers, New Orleans Pelicans, Washington Commanders and Jujamcyn Theaters’ five Broadway theatres in New York.
The company also has league-wide agreements with the National Football League (NFL) and Major League Soccer in North America and provides ticketing services for half of the English Premier League.
Earlier this month, SeatGeek announced a multi-year deal with the NFL’s Washington Commanders (pictured).
SeatGeek’s employee headcount has rocketed from 370 in January last year to 730 currently.
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