Funds will support investment in the fan experience, the expansion of primary ticketing market share, and help further scale the company’s technology and operations
SeatGeek, the high-growth technology platform that is transforming the live event experience for fans, teams, and venues, announced it has raised $238 million as part of a Series E financing round led by long-time investor Accel, with participation from Wellington Management, Arctos Sports Partners, and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smith Entertainment Group (SEG) which includes the Utah Jazz. The investment values the business at $1 billion on a pre-money basis and comes after SeatGeek exceeded all 2021 public financial forecasts and is on track to more than double revenue in 2022.
“Securing $238 million in a volatile market speaks to the strength of our business and the incredible opportunity ahead. 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,” said Jack Groetzinger, CEO and co-founder of SeatGeek. “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.”
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SeatGeek will use the new capital in a number of ways, including continued investment in its people, product, and partners, and further investing in several key areas such as Rally, its personalized event-day experience platform; SeatGeek Swaps, the first return policy offered by a major ticketing platform; and its enterprise ticketing software which supports the entire ticketing ecosystem by offering an end-to-end solution for teams and venues.
“Since we first partnered with SeatGeek in 2014, the team has stayed committed to transforming live events by consistently building terrific products for teams and fans,” said John Locke, partner at Accel and member of SeatGeek’s Board of Directors. “We’ve never been more excited about what’s ahead for the company, and we’re looking forward to working closely with Accel family and friends like Ryan Smith, Arctos Sports Partners, and Wellington Management in the years ahead.”
“SeatGeek stands apart in the live entertainment ecosystem. The company is driving innovation in a rapidly changing ticketing environment where teams and fans are demanding more flexibility and engagement,” said Chad Hutchinson, partner at Arctos Sports Partners and member of SeatGeek’s Board of Directors. “We look forward to working as a thought partner with Jack and the SeatGeek team as they continue to provide best-in-class ticketing solutions that ensure a superior experience for fans, teams, and venues.”
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“SeatGeek is transforming how people experience live events,” said Matt Witheiler, consumer/tech sector lead at Wellington Management. “Their diverse and resilient business model is well-suited for this environment where fans are seeking tickets to events and returning to in-person experiences.”
Today, SeatGeek powers over 200 clients across sports and entertainment 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 theaters in New York.
The company also has league-wide agreements with the National Football League (NFL) and Major League Soccer (MLS), and tickets half of the English Premier League (EPL) in the U.K., including Liverpool F.C. and Premier League Champions Manchester City F.C. The company also recently signed deals with the NHL’s Florida Panthers and the team’s owned and operated venues, NASCAR and its owned and operated tracks, the Fiesta Bowl, and the Citi Open Tennis Tournament.
The company was also recognized on Fast Company’s 2022 Most Innovative Companies list for the third time in five years – more than any other major live event ticketing company, landed the #3 spot on Andreessen Horwitz’s prestigious Marketplace 100 list, a ranking of the largest consumer-facing private companies, and most recently was named to Inc. Magazine’s Annual list of Best Workplaces for 2022.
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