SeatGeek raises $62M in Series C funding

Steven Loeb · April 3, 2015 · Short URL:

The ticket search engine now sees the majority of transactions happen on a mobile device

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There has been a big rise in secondary ticket markets, like StubHub and ScoreBig, in response to ridiculous surcharges from TicketMaster. The problem is, though, that people sell those tickets for even higher markups. And since there are so many now, it's almost impossible to know if you are getting the best deal on your seats.

Ticket search engine SeatGeek is the solution to that problem, and it has now raised a $62 million Series C round of funding, the company announced on Thursday. The round was led by Technology Crossover Ventures (TCV), with previous investors, including Accel, Causeway Media Partners and Mousse Partners, also participating.

The company has previously raised a total of $41 million, from investors that included Peyton Manning, Eli Manning, Stanford University Athletics, Rob Glaser, Shane Battier, Mike Dunleavy Jr., Nas, Melo7 Tech Partners and Thomas Lerhman.

This latest round brings the total investment in the company to $103 million.

SeatGeek will use the funding to expand its consumer marketing efforts in North America. It will also go toward building out the company's team, increasing the size of the its employee base from its current total of 64 employees to a target of over 110 by the end of this year..

The New York City-based SeatGeek is like Kayak for concert tickets: it searches dozens of the biggest ticket sites and present the results all in one place. It also provides a recommendation engine, which suggests upcoming events based on each user's personal tastes, as well as interactive maps of venues.

The company says it has been growing rapidly, and attributes that success to the growth of its mobile platform.

SeatGeek’s mobile applications for iPhone, iPad and Android have been downloaded over 3 million times, and over 60% of SeatGeek users now access the service via a mobile device.

In addition to the funding  it was also announced that TCV General Partner Daniel O’Keefe will be joining board or directors at SeatGeek. he other current members of the board include company founders Jack Groetzinger and Russ D’Souza, David Frankel of Founder Collective and John Locke of Accel.

Founded in 2009, SeatGeek currently sees over five million monthly unique visitors. The company said last year that it expected sell well over one million tickets thru the SeatGeek platform in 2014. 

VatorNews has reached out to SeatGeek for more information on the new funding round. We will update this story if we learn more. 

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SeatGeek forecasts the price of sports and concert ticket on the secondary market, analogous to what Farecast (now Bing Travel) does for airline tickets. For ticket buyers this helps determine whether to buy a ticket immediately or wait for a price drop. For sellers it helps identify the optimal time to unload their tickets.

SeatGeek’s crawlers have compiled millions of ticket transactions and have also aggregated other factors that influence prices. SeatGeek's patent-pending technology uses this data to accurately predict prices.

SeatGeek offers a free version for buyers and will soon release a premium version for brokers and other sellers.