Having already raised $7.5 million in venture capital this winter, secondary ticket company RazorGator has followed that up with another $10 million in debt financing from Los Angeles-based Hercules Technology Growth Capital.
While the company would not disclose exactly what it plans to do with the money, it said in a release that it will be used for “aggressive expansion to meet growing consumer demand for hard-to-get tickets,” adding that this could include “enhancements that will better service professional sports teams, leagues and artists” for marketing purposes.
“We’re not sure exactly how we’ll use it yet,” CEO Jeff Lapin told TicketNews, adding that the company may not use the debt or may only use a portion of it. “There are potential deals all around, and I wanted to have a little powder available in case a good one comes up.”
The company weathered a rough 2008, losing some key executives in the process, but it has shown little difficulty in raising capital. Besides the $7.5 million and the $10 million in debt financing, the company has also raised another $26 million within the last couple of years.
“RazorGator is a leader in providing its clients with the ability to buy and sell tickets to sporting and entertainment events around the world,” Roy Liu, Managing Director at Hercules, said in a statement. “As an existing Hercules portfolio company, this expansion of our relationship is testament to our continued commitment to invest in solid and stable companies such as RazorGator.”
11 Comments
Comments are closed.
I bet you still sell your tickets on those 2 phoney ticket broker exchange sites
Despite all their problems, Razorgator keeps swinging and fighting back. Everyone seems to hate the giant yet has no problem selling them tickets. They will weather the storm and hopefully continue to succeed. I wish them all the luck, remember they are one of us and not a phoney ticket broker exhange like the other two. Keep up the good work guys!!
It’s amazing I sit in my office all day and the phones don’t ring, How are they doing it. Every broker I talk to is dying ??
more money for cucci and lapin to steal and maybe they need this money to pay off andrew hentrich who has a rather large lawsuit on the table. i heard the new ceo that razor hired has just left AIG and loving the opportunity that they just got 10m so he can burn through this as well.
We know where are bread is buttered. Why cut off your nose to spite your face. In these humbling times we need to swallow our pride and realize a sale is a sale.
RazorGator? I thought they went out of business 3 years ago. How many of you get order from RazorGator? Like 1 a week?
Maybe it’s your lack of inventory, did you ever consider that.
..they’re just smaller then other distribution channels. Sounds like you could bypass the other “fake” exchanges. haha. BTW, the CEO just quit. Nice.
old news
I have a hard time believing that this cash is for acquisition of targets. Based on the recent rumors circling, this $ is probably for operations (to keep the light on)…
Although if the money is for new acquisitions… who could be the targets?
1)LiveStub – the assumed front runner – would give the compant a fresh brand and some leadership. The Cockroach (LiveStub’s CEO – Hershfield) seems to be everywhere
2)Ticketstumbler – there has been a lot of talk around ticket aggregator Fansnap (RG may want a piece of the story, although we all know that ticket aggregation in the secondary market is redundant as tickets are posted on all board)
3) Eventexperts – maybe they want to reach out to more small time brokers….
4) A primary ticket seller ?
5) A European secondary marketplace (or they spend developing a new market for Europe)
lots to think about
HAHA
Yeah. They’re being sued by someone known to be a liar, a thief, as well as someone who exploits his lawyer friends and the courts for the sole purpose of making money off frivolous lawsuits. Everytime he bilks a partner he cries foul to family and friends who believe his BS and hopefully lend him money and/or support.
When justice has it’s way with him, I’ll be laughing. In the mean time I think both need to be sent out of court with nothing…