SeatGeek announced it has raised $238 million in a Series E financing round, which valued the ticketing company that straddle the primary and resale marketplaces at $1 billion. The deal follows the recent decision to halt plans to bring the company public via a merger with a special purpose acquisition company due to the economic conditions in the markets. The funding round was led by long-time investor Accesl, with participation from Wellington Management, Arctos Sports Partners, and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smith Entertainment Group (SEG) which includes the Utah Jazz.
“Securing $238 million in a volatile market speaks to the strength of our business and the incredible opportunity ahead. We have ambitious plans for the future and are approaching business expansion with extra diligence, care, and a long-term view of success in mind,” said Jack Groetzinger, CEO and co-founder of SeatGeek. “As a tech company purpose-built to reinvent the live entertainment experience, this new capital enables us to deepen our support for our customers because what we all want, and deserve, is to shake up this antiquated industry for the better. The pandemic has fundamentally reshaped the way people think about how they want to spend quality time outside of their homes, and we’re proud to have SeatGeek continue to play an important part in ensuring their live event experiences are memorable and life-changing.”
SeatGeek says the money will go towards day-to-day operational expenses, partnership deals, and investment on its products, including the enterprise software that has helped it land partnerships with a growing number of sports and other organizations as primary market box office. The company recently announced it would be taking over as the primary ticketing partner of the Washington Commanders, the 4th NFL franchise it has partnered with – joining the Dallas Cowboys, New Orleans Saints, and Arizona Cardinals. It also has primary deals with teams in the NHL (Florida Panthers), NBA (New Orleans Pelicans, Cleveland Cavaliers, Brooklyn Nets), numerous MLS and Premier League organizations, and theatrical groups including Broadway and West End organizations.
“SeatGeek stands apart in the live entertainment ecosystem. The company is driving innovation in a rapidly changing ticketing environment where teams and fans are demanding more flexibility and engagement,” said Chad Hutchinson, partner at Arctos Sports Partners and member of SeatGeek’s Board of Directors. “We look forward to working as a thought partner with Jack and the SeatGeek team as they continue to provide best-in-class ticketing solutions that ensure a superior experience for fans, teams, and venues.”