SeatGeek’s latest raise will allow the company to further invest in its existing infrastructure, partners, and team as it aims to reinvent the live entertainment experience.
Ticketing giant SeatGeek announced another nine-figure fundraise on Wednesday — a $238 million Series E round led by Utah Jazz governor Ryan Smith, Accel, Arctos Sports Fund, and Wellington Management.
The investment values the company at $1 billion on a pre-money basis. The company says it’s expected to more than double its year-over-year revenue in 2022.
“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, SeatGeek’s CEO and co-founder. “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.”
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SeatGeek says it will use the new capital to invest in its people, product, partners, and tech initiatives. Those initiatives include event-day experience platform Rally, return policy program SeatGeek Swaps, and the enterprise ticketing software that its partner teams use. Those clubs include the Dallas Cowboys, Brooklyn Nets, New Orleans Saints, Cleveland Cavaliers, and Washington Commanders in the U.S.
“[SeatGeek] 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.”
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