SeatGeek raises $238 million privately after going public via PSPC
Ticketing platform SeatGeek today announced that it has raised $238 million privately in a Series E funding round. The company has a valuation of $1 billion, according to the release. Longtime investor Accel led the financing with participation from investors Wellington Management, Arctos Sports Partners and Ryan Smith, founder of Smith Entertainment Group and founder and executive chairman of Qualtrics.
The news comes after the company ended a SPAC (Special Purpose Acquisition Company) deal with blank check company RedBall Acquisition Corp that would have taken SeatGeek public.
"Given the volatility in public markets, we have determined that terminating SPAC is in the best interests of all parties. We are pleased with the speed with which we have lifted this round and the overwhelming interest investors, especially given the current market conditions. The raise was significantly oversubscribed and we're really excited about our long-term trajectory," Jack Groetzinger, CEO and co-founder of SeatGeek, told TechCrunch. Our investors have seen what we can do, and they know we won't let go of the accelerator anytime soon."
Despite terminating its business combination deal with RedBall, SeatGeek seems confident it's in good shape, and the funding underscores its steady growth. The company announced that it was on track to double its revenue this year. In 2021, the ticketing platform exceeded forecasts, with $186.3 million in net revenue.
SeatGeek plans to use its Series E funds to continue investing in its products, customers and partners. Its products include Rally, its personalized integrated experience that provides fans with personalized features based on location; a SeatGeek Swaps ticket return feature; a SeatGeek marketplace for fans to sell tickets; and its ticketing software that provides an end-to-end solution for sports teams and venues. SeatGeek has 200 partners, such as the Arizona Cardinals, Dallas Cowboys, and Brooklyn Nets of the NBA, among others.
The stock market continues to crash and many companies are waiting for it to recover before going public. SeatGeek competitor StubHub was considering going public but is suspending plans to keep tabs on market conditions, The Wall Street Journal reported. Vivid Seats, another SeatGeek rival, went public last year and likely regrets the move now that its share price is down 3.3%.
Ticketing platform SeatGeek today announced that it has raised $238 million privately in a Series E funding round. The company has a valuation of $1 billion, according to the release. Longtime investor Accel led the financing with participation from investors Wellington Management, Arctos Sports Partners and Ryan Smith, founder of Smith Entertainment Group and founder and executive chairman of Qualtrics.
The news comes after the company ended a SPAC (Special Purpose Acquisition Company) deal with blank check company RedBall Acquisition Corp that would have taken SeatGeek public.
"Given the volatility in public markets, we have determined that terminating SPAC is in the best interests of all parties. We are pleased with the speed with which we have lifted this round and the overwhelming interest investors, especially given the current market conditions. The raise was significantly oversubscribed and we're really excited about our long-term trajectory," Jack Groetzinger, CEO and co-founder of SeatGeek, told TechCrunch. Our investors have seen what we can do, and they know we won't let go of the accelerator anytime soon."
Despite terminating its business combination deal with RedBall, SeatGeek seems confident it's in good shape, and the funding underscores its steady growth. The company announced that it was on track to double its revenue this year. In 2021, the ticketing platform exceeded forecasts, with $186.3 million in net revenue.
SeatGeek plans to use its Series E funds to continue investing in its products, customers and partners. Its products include Rally, its personalized integrated experience that provides fans with personalized features based on location; a SeatGeek Swaps ticket return feature; a SeatGeek marketplace for fans to sell tickets; and its ticketing software that provides an end-to-end solution for sports teams and venues. SeatGeek has 200 partners, such as the Arizona Cardinals, Dallas Cowboys, and Brooklyn Nets of the NBA, among others.
The stock market continues to crash and many companies are waiting for it to recover before going public. SeatGeek competitor StubHub was considering going public but is suspending plans to keep tabs on market conditions, The Wall Street Journal reported. Vivid Seats, another SeatGeek rival, went public last year and likely regrets the move now that its share price is down 3.3%.
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