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TicketsNow, a secondary market web-only seller of event tickets, has closed its first round of institutional funding by raising $34 million from venture capital firms. Proceeds from the infusion will be used to grow the company, it says.
TicketsNow, a secondary market web-only seller of event tickets, has closed its first round of institutional funding by raising $34 million from a number of venture capital firms led by Adams Street Partners and including DFJ Portage Venture Partners and New World Ventures. Proceeds from the infusion will be used to grow TicketsNow, the company says. This round of funding incorporates $8.2 million TicketsNow accepted in April 2006 from venture capital firms in both Chicago and Silicon Valley.
The growth of the web sales channel for tickets and the opportunities to be a player in the secondary market by leveraging the Internet have profoundly changed the face of event and movie ticket selling, experts say. Advantages like giving consumers access to better seats, more personal customer service and the ability to resell tickets they cannot use, industry observers say, are giving secondary market sellers, many of which are web-only, an edge over the more established primary market ticket brokers-the handful of behemoths that are first in line when tickets are issued.
“While we are a cash-flow positive operation,” says Mike Domek, founder and CEO, “this round of funding provides us the growth capital needed to take advantage of the many strategic opportunities in an ever-evolving industry.”