European ticket resellers Seatwave have taken $25 million Series C in a round led by Fidelity Ventures that included Atlas Venture, Mangrove Capital Partners and Adinvest. Total funding for Seatwave to date is $36 million.
London based Seatwave, like StubHub (acquired by eBay for $310 million) and TicketsNow (acquired by Ticketmaster for $265 million) resells tickets to major events. The company was founded in 2006 by Joe Cohen, formerly with Ticketmaster and Match.com.
According to PEHub, the European market hasn’t had a strong online reselling presence, particularly compared to the United States.
Scalping tickets (reselling tickets) is not the easiest market to be in, with the practice frowned upon by many, and often illegal as well. The resale of football (soccer) tickets is illegal in the United Kingdom unless the resale is authorized by the organizer of the match, such as an under an agreement Seatwave competitor Viagogo has.
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Great job, Joe! Keep it up!
Duncan, what kind of ignorant title is that ? The whole reason that sites like Seatwave or StubHub exist is because fans need (a) somewhere to resell their tickets (b) a protected environment in which to buy sold-out event tickets. Of course the business is driven by the existence of scalpers. But supply in this industry leaks from everywhere: event promoters, managers, primary sellers and so on. It’s no use denying the existence of the secondary industry which people estimate at 25% of all ticket sales. If you go on Seatwave or StubHub, at least your money is protected. In the specific case of Seatwave, the company has made particular efforts in making sure that it’s the best place for FANS to resell their tickets. On eBay there is too much fraud in the ticket category to make most people comfortable. Today C2C sales represent an important and increasing portion of turnover. That’s the first step towards a real marketplace !
I am amazed that Seatwave was able to attract that much investment given the traction and funding that Viagogo appears to have. It would seem a daunting task to take on Viagogo given its six month head start, its exclusive deals with a number of Premier League football clubs, and its war chest of funds. Does Seatwave think the European market is so big that there is room for two or have they found chinks in Viagogo’s armour? Can anyone out there explain?
If you go on Seatwave or StubHub, at least your money is protected.
Ian,
Seatwave has the team that can pull it off. These guys are industry veterans, and no strangers to taking on big competition and winning in the consumer web space. The capital injection will surely help level the playing field now. Game on.
Ian,
In additon I think that GET ME IN! http://www.getmein.com who probably is the current market leader in UK and Europe inthe secondary ticket market and who has been recently acquired by Ticketmaster offer the best service in this industry. As Seatwave and Viagog throw cash to try and catch up i think they are the team to beat in th is game. The capital injection, well could be seen as a desparate measure to gain lost gorund????
http://www.alex...amp;y=r&z=3
who’s impersonating RJ here? perhaps someone from GetMeIN?
Mike/Duncan,
Would be nice to have a tighter means of identity verification in the comment section here. #7 is not me. Just someone pimpin’ their own ‘wares on my good name.
- R
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