NEW YORK (PRWEB) NOVEMBER 09, 2017
Broker Genius (http://www.brokergenius.com/), the New York-based pioneers of dynamic pricing technology for the secondary ticket market, secured a $15 million Series A round of funding from Boston-based growth equity firm Volition Capital.
The proceeds will support additional product development, expand coverage, and enhance big data and machine learning capabilities. Advancements in the technology will enable ticket resellers to augment the quantitative market information with qualitative variables. For example, when pricing a baseball game, the company’s software augments market related information with qualitative factors, such as opposing team, starting pitchers, weather and standings. This will improve a reseller’s ability to predict the optimal value of each ticket and maximize returns.
Broker Genius is the leading pricing automation technology in the live event secondary market. Instead of a historically arduous process of manual pricing, Broker Genius’ technology automates a reseller’s pricing strategy, leading to increased profitability and rapid growth.
“It has been an exciting period in our history,” said Broker Genius CEO and founder Sam Sherman. “The future of Broker Genius relies on constant innovation which is centered increasingly around big data and machine learning. Volition Capital’s investment will allow us, among other things, to continue investing in data science so we can more accurately forecast market trends and behaviors.”
“We were extremely impressed by the caliber of Broker Genius’ technology, team, and vision. In less than three years, the company grew from a few people working in Sam’s basement to over 100 employees focused on solving some of the industry’s most complex problems,” said Volition Capital Managing Partner Sean Cantwell.
“Partnering with Volition Capital allows us to continue enhancing and scaling our world-class pricing services, while introducing new features and products that will deliver incremental value to our customers,” said Broker Genius CFO John Lucier.
To accommodate their customers’ around the clock needs, Broker Genius recently opened two new offices. The Reno, Nevada location will expand support and pricing coverage, while the Barcelona, Spain office will continue to optimize the product, making it more stable, versatile, and faster than ever before.
To date, Broker Genius technology has priced over $2 billion of ticket inventory on their innovative platform, helping the world’s largest sports and entertainment ticket resellers maximize profits and accelerate growth.