“FANSNAP SECURES $5.5M IN FINANCING ROUND”
PALO ALTO, CA (FanSnap) November 24, 2008 – FanSnap, the live event ticket search engine for fans, today announced it has raised a $5.5 million round of new financing. The round was led by General Catalyst Partners of Cambridge, MA, which also led an earlier $5 million round. FanSnap, whose search engine, www.fansnap.com, is currently in beta, will use this investment to complete the build-out of its search engine and team, as it continues to add new ticketing providers.
“Feedback from fans and partners on our beta launch has been extremely positive,” said Mike Janes, CEO of FanSnap, and formerly CMO of StubHub. The FanSnap search engine currently displays detailed ticket-level results from 56 ticketing providers. “We continue to sign even more quality partners, with several more to be integrated into FanSnap very soon,” said Janes. “Our ultimate goal is to work with every ticketing provider in the U.S.”
The FanSnap ticket search engine beta launched in September, 2008 with several industry-first features, which give fans the ability to:
• choose from a list of events using any or all of a number of criteria, including number of tickets and price range desired.
• view tickets for a “series” of multiple events (e.g., a baseball homestand, a multi-night concert performance, or a week of Broadway shows) all at once.
• determine at-a-glance the price distribution of available tickets for any event.
• determine at-a-glance the ticket price range by section using the colored “heat map” markers on our dynamic FanSnap Mapssm.
• zoom into the FanSnap Maps and see the ticket offers from numerous providers placed in clearly labeled rows.
• place ticket offers in a “short list” for easy comparison of ticket details and total prices (ticket prices plus fees or commissions) across ticket providers.
The FanSnap search engine, now displaying more than six million tickets, has been continuously improved since launch. New patent-pending dynamic FanSnap Maps are being added every week. In addition, a powerful new feature has just been added which makes it easy to view at-a-glance comparable ticket offers from multiple providers.
“The live event tickets industry is incredibly dynamic with tremendous competition,” said Joel Cutler, Managing Director of General Catalyst Partners. We believe the timing is right for a fan-focused solution that helps fans quickly and easily sort through all their entertainment choices, while at the same time efficiently connecting the ticketing providers with those fans.”
FanSnap is the live event ticket search engine for fans. Our mission is to provide the most comprehensive, accurate, fast and easy-to-use resource for fans to find the tickets they desire to sports, concerts, and theatre events. FanSnap provides free ticket search results for dozens of the leading ticket providers, including Ace Ticket, AllShows.com, Barry’s Tickets, Gold Coast Tickets, Las Vegas Tickets, RazorGator, StubHub, and TicketNetwork. Our detailed ticket-level search results are made possible by the combination of strategic industry partnerships and systems integration, as well as our FanSnap TicketDatasm systems and patent-pending dynamic FanSnap Mapssm. FanSnap was founded in 2007, funded by General Catalyst Partners of Cambridge, MA, and is headquartered in Palo Alto, CA.
About General Catalyst Partners
General Catalyst Partners is a venture capital and private equity firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals’ extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst is headquartered in Cambridge, MA.
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