Technology Crossover Ventures led a $62 million Series C investment in the one-stop-shop for event tickets, Venture Capital Dispatch has learned.
SeatGeek helps people find and buy tickets to sporting events, concerts, Broadway shows, nightclubs and a range of other live entertainment through its mobile app or website. The service provides a range of available tickets, complete with seat maps, and “all-in pricing,” meaning there are no hidden transactional, shipping or other fees at checkout.
The SeatGeek app has been downloaded more than 3 million times, company co-founders Jack Groetzinger and Russ D’Souza confirmed. They also said the app can help ticket sellers–primary or secondary resellers, but scalpers, they emphasized–to capture mobile commerce business without having to build apps of their own.
Some of SeatGeek’s partners now include Telecharge.com, a primary seller of Broadway and off-Broadway theater tickets; Wanttickets RDM LLC, which sells tickets to electronic dance music events at clubs and festivals; and RazorGator, a secondary seller of sports and concert tickets.
All of SeatGeek’s earlier institutional backers–including Accel Partners, Causeway Media Partners and Melo7 Tech Partners–joined the Series C round. The 64-employee startup raised $35 million in Series B funding in August 2014.
TCV General Partner Daniel O’Keefe said he expects the New York-based company to use its new funding to continue with a “customer-centric approach” to ticket sales, while investing significantly in “product innovation,” and “brand building.”
Investors want the SeatGeek name and app to be the first that people think of when they look for an event to attend offline, Mr. O’Keefe said.
While the investor declined to name competitors, SeatGeek is a newer entrant in a market that has been dominated by Ticketmaster Entertainment Inc. and StubHub Inc. Myriad upstarts including TicketFly, TicketBud and Gametime also are aiming to take a piece of the ticket sales pie.
Given the new round of funding, SeatGeek co-founder Mr. Groetzinger said, the company plans to double head count in the next year. He said the company plans to expand its marketing and supplier-relationships in English-speaking countries in Europe and to move into foreign-language markets in 2016.
The company also is integrating Apple Pay technology into its app more broadly. With this feature, users of iOS devices can find a ticket then press a button on their mobile devices to pay for it. Apple Pay uses fingerprint identification instead of a password to authorize payment.