Ticketfly Secures $22 Million Series C Investment
New Financing to Fuel Continued Technology Innovation and Market Expansion for Social Ticketing Platform
July 25, 2012 -- San Francisco -- 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.
“We seek investors who provide not only financial support, but also strategic value,” said Andrew Dreskin, CEO, Ticketfly. “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."
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.
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. The company was founded by the team that first brought event ticketing to the Web. 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.