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.”