Ticketfly announced Wednesday it has raised an additional $22 million in a round of funding led by SAP Ventures and with participation of Northgate Capital, Cross Creek Capital and Mohr Davidow Ventures, the lead investor in the company's previous fundraising round. The company has raised $37 million to date.
In a statement announcing the funding, Ticketfly said it plans to use the proceeds "to further accelerate technology innovation and drive expansion in existing and new vertical and geographic markets." Thus the funding from SAP Ventures, which invests in companies with proven business models and helps them grow "by adding our expertise, relationships, geographic reach and capital," according to its website. "We think there are a number of international market opportunities for Ticketfly," said SAP managing director David Hartwig in the press release.
Ticketfly is also targeting larger clients and events that have reserved seating. The company unveiled a reserved seating service just last week, putting it more squarely in competition with Ticketmaster, Tickets.com, Etix and a host of other companies.
But how ready is the company to pick up those bigger clients? Gannon Hall, Ticketfly's SVP of Marketing, tells Billboard.biz its field sales team is deep and will grow. "We certainly intend to continue building both our inside and field sales teams, especially in newer vertical and geographic markets we're going after."
The sales team had a busy first half of 2012. Ticketfly says it grew its client base 65% and added such venues as the 40 Watt Club in Athens, Georgia, the Aladdin Theater in Portland, Oregon and the Echo, Echoplex and Spaceland Presents in Los Angeles.
Ticketing is going through both a land rush and an arms race. An upstart like Eventbrite is growing the business by ticketing events that hadn't previously been ticketed. On the other end there's Ticketmaster, just three years removed from a merger with Live Nation and in the midst of a $75 million, three-year platform upgrade. Raising $22 million doesn't guarantee anything for Ticketfly, but it helps keep them in the race.