SeatGeek Raises $35 Million From Accel Partners, Nas, Manning Brothers
Concert ticket search engine SeatGeek announced on Thursday that it has raised $35 million in a series B round of funding led by Accel Partners. Other investors in the round include rapper Nas, NFL quarterbacks Peyton and Eli Manning and Causeway Media Partners, a sports investment fund led by Boston Celtics CEO Wyc Grousbeck.
The company plans to use the money to help hire new talent and expand on its products and marketing, with a particular focus on mobile. As part of the announcement, Accel's John Locke will join the company's board alongside SeatGeek founders Jack Groetzinger and Russ D'Souza, and David Frankel from Founder Collective, which raised $1 million for the then-startup in 2010.
Groetzinger sees this infusion of funds as a way to "get more aggressive in marketing" the service.
"Still, we weren’t looking to raise money, but when we met John and Accel, we knew it was a great fit," he said. "John completely gets what we're trying to build and sees the future of entertainment the same way we do."
According to a press release announcing the round of funding, SeatGeek is on pace to drive $13 million of ticket sales in August, a 50% increase over sales for the month of July. The company expects to drive over $160 million of ticket sales in 2014.
SeatGeak was founded in 2009 and was incubated at the startup accelerator program Dreamit Ventures. It allows the user to look at historical trends for an event's ticket price and forecasts when to buy based on the movement of prices.