SAN FRANCISCO, CA--(Marketwire - Jul 25, 2012) -
- Ticketfly, the social ticketing platform, today announced that it has raised a $22 million Series C investment; since its launch in 2008, the company has raised a total of $37 million.
- This round of financing was led by SAP Ventures, with participation from Northgate Capital, Cross Creek Capital, and Series B lead investor Mohr Davidow Ventures.
- Ticketfly plans to use the proceeds from the financing to further accelerate technology innovation and drive expansion in existing and new vertical and geographic markets.
- The funding follows significant growth and expansion for the four-year-old company, including the recent launch of Ticketfly's reserved seating functionality, a major product milestone that effectively triples the company's addressable market by extending its social ticketing platform to reserved seating venues across North America.
- Major company milestones include:
- Client Wins: Ticketfly grew its client base by 65 percent in the first half of 2012. Key client wins include The Catalyst (Santa Cruz, Calif.), The Echo/Echoplex and Spaceland Presents (Los Angeles), 40 Watt Club (Athens, Ga.), Rams Head (Baltimore), Aladdin Theater (Portland, Ore.), Cain's Ballroom (Tulsa, Okla.), Foam & Glow Tour (national), Dutch Lions Soccer Club (Dayton, Ohio), The Slipper Room (New York), The Vogue Nightclub (Indianapolis, Ind.) and Aspen Live Conference (Aspen, Colo.).
- Industry Leadership: Continued client wins have solidified Ticketfly's reputation as the emerging leader in event ticketing, adding to an already impressive roster of the country's top promoters and venues, including the 9:30 Club, Merriweather Post Pavilion, Austin City Limits Live, Troubadour, Brooklyn Bowl, Monqui Presents, The Independent and R5 Productions.
- Sales Growth: On average, Ticketfly clients experience year-over-year sales growth that is five times the industry average, and double-digit growth rates in ticket sales when switching from a previous provider, demonstrating the power of the company's integrated ticketing and marketing platform to drive ticket sales.
- Affiliates: The Ticketfly Affiliate Network currently has roughly 300 partners, broadening the reach and driving hundreds of thousands of incremental ticket sales for Ticketfly clients.
- Social Responsibility: The company recently launched Ticketfly Causes, a program that aims to raise money and awareness for not-for-profit causes, as well as offers extended paid time off to employees to conduct volunteer activities. Initial partners include Sweet Relief and HeadCount.
- Employees: In 2011 Ticketfly doubled its staff, and the company has grown an additional 45 percent in 2012, bringing Ticketfly's total headcount to 100 people.
- Recognition: Ticketfly was named Fastest Growing Company by the San Francisco Business Times in May 2012, citing revenue growth of 4,484 percent from 2009 to 2011.
Andrew Dreskin, CEO, Ticketfly
"We seek investors that provide not only financial support, but also strategic value. SAP Ventures, Northgate Capital and Cross Creek Capital certainly fit that bill. These firms have significant expertise internationally, in the sports vertical and in the public markets. Their knowledge and experience will be critical as we expand our product offering and diversify our client base. It's a time of great disruption in the ticketing space, and we're thrilled to have investors who share our vision -- to transform the event ticketing industry."
David Hartwig, Managing Director, SAP Ventures
"Ticketfly is leading a sea change in the ticketing space, as demonstrated by its unbelievable growth. It's not often that we run across a company with this kind of growth trajectory -- and to date it has been solely focused on the U.S. We think there are a number of international market opportunities for Ticketfly. Our investment in the company underscores our belief that it represents the future of event ticketing."
Tommy Vardell, Managing Director, Northgate Capital
"Ticketfly has demonstrated an ability to isolate and solve the inefficiencies of the music ticketing business, and we see a number of similar uncured pain points in collegiate and professional athletics. The issues that they solve for music promoters are some of the same issues that are evident in sports, and we would expect the Ticketfly platform to translate very fluidly into those markets."
Karey Barker, Managing Director, Cross Creek Capital
"Our firm seeks to invest in high quality, later stage companies that have the potential to go public. Ticketfly's exceptional growth and industry-leading product, coupled with the disruption taking place in the ticketing industry, lead us to believe that the company is the heir apparent in the ticketing space."
About SAP Ventures
SAP Ventures partners with outstanding entrepreneurs worldwide to build industry-leading businesses. We seek innovative, disruptive and proven companies and help fuel their growth by adding our expertise, relationships, geographic reach and capital. Over the last 15 years, we have supported more than a hundred companies on five continents. We are currently investing out of a 2011 vintage $353M Fund. We are an independent VC fund affiliated with SAP AG, the leading global enterprise software company, and leverage our relationship with SAP AG and its ecosystem for the benefit of our portfolio companies. Our goal is to generate superior financial returns, and our corporate partner also benefits from the exposure to innovative and disruptive companies and trends. For more information, visit www.sapventures.com.
About Northgate Capital
Northgate Capital is an alternative investment manager that invests in private venture capital and buyout partnerships and companies worldwide. With $4 billion in committed capital, Northgate's foremost objective is to be an integral partner to institutions and families by helping them earn returns that meaningfully outperform their liquid alternatives. Northgate has offices in the San Francisco Bay Area (Danville), London, Hong Kong, New Delhi, and Mexico City.
About Wasatch Advisors, Inc. and Cross Creek Capital
Wasatch Advisors, Inc. is a global investment manager to institutions and mutual funds with over $12 billion in assets under management and is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Wasatch Advisors' private equity affiliate, Cross Creek Capital, is a venture capital fund focused on late-stage private equity investments in what it believes are the best-of-breed public companies of the future. More information is located at www.crosscreekcapital.com.
Ticketfly is a cloud-based social ticketing platform for professional event promoters and venues. The Ticketfly platform provides integrated ticketing, website, social marketing, email and analytics tools that streamline operations and increase ticket sales. Ticketfly was founded by the team that first brought event ticketing to the Web. For more information visit ticketfly.com. Connect with Ticketfly on Facebook at facebook.com/ticketfly, or follow the company on Twitter at twitter.com/ticketfly.