Ticket market platform TickPick has secured a $250 million funding from Brighton Park Capital, an funding agency centered on growth-stage firms.
Brighton described the transaction as “the most important fundraise within the ticketing trade up to now.”
Based in 2011 by Co-CEOs Brett Goldberg and Chris O’Brien, TickPick guarantees to remove hidden charges. The corporate says its all-in, no-fee pricing mannequin has saved over $180 million in service charges alone on the TickPick platform since its inception.
This method aligns with current legislative efforts within the US aimed toward rising transparency within the ticketing trade. Lawmakers have been pushing for reforms to deal with points like hidden charges, on-sale transparency, purchaser protections, speculative tickets, and misleading web sites.
“TickPick… removes one of many largest ache factors for customers with its no-fee mannequin.”
Kevin Magan, Brighton Park Capital
TickPick’s rise additionally comes at a time when the broader ticketing trade, significantly Dwell Nation and its ticketing arm Ticketmaster, faces scrutiny over pricing practices.
Earlier this yr, Dwell Nation defended its charge construction, stating that whereas service charges could also be unpopular, they’re essential to cowl the prices related to producing stay occasions. The corporate is at the moment defending itself towards an antitrust lawsuit introduced by the US Division of Justice.
TickPick says it has seen vital progress, with 14 million cell app downloads and an 8x enhance in gross sales over the previous three years, and is now nearing $1 billion in ticket gross sales.
The $250 million funding from Brighton Park Capital is anticipated to allow TickPick to additional scale its operations and proceed innovating inside the ticketing area.
“We now have constructed a relationship with Brighton Park over a few years and the agency is our clear accomplice of alternative given its sturdy observe file of partnering with founder-led firms and market platforms, which we imagine will assist us proceed to scale the enterprise and drive an enduring affect,” stated Brett Goldberg, TickPick Co-Founder and Co-CEO.
Kevin Magan, Companion at Brighton Park Capital, stated: “TickPick has demonstrated super progress by providing a robust worth proposition that each enhances the client expertise and removes one of many largest ache factors for customers with its no-fee mannequin.”
“We based TickPick with the unwavering dedication to ship a clear and hassle-free ticket-buying expertise for customers.”
Chris O’Brien, TickPick
Moreover, Symphony Ventures, the funding partnership {of professional} golfer Rory McIlroy, has joined as a strategic investor. Symphony Ventures’ involvement is predicted to assist TickPick attain new audiences and broaden its platform. TickPick has partnerships with a number of main groups, together with the Philadelphia Eagles, Los Angeles Rams, and Minnesota Twins, in addition to soccer league LaLiga North America.
Chris O’Brien, TickPick Co-Founder and Co-CEO, stated: “We’re thrilled to announce our newest progress funding, which can assist speed up our capacity to remodel the ticketing trade. We based TickPick with the unwavering dedication to ship a clear and hassle-free ticket-buying expertise for customers. This funding will permit us to deepen this dedication by accelerating the tempo of product innovation, increase our model consciousness, and attain extra prospects than ever earlier than.”
As a part of this funding spherical, GreyLion, a personal fairness agency that invested in TickPick in 2019, will exit its place.
“Brett, Chris and your entire crew at TickPick have constructed a profitable and scalable enterprise inside the stay occasions trade. We’re proud to have partnered with TickPick to assist strategically drive their progress and want them continued success,” stated Santi Núñez, Companion at GreyLion.
Goldberg added: “We now have extremely valued our partnership with GreyLion, who supported our progress ambitions, each organically and thru strategic investments. Their expertise investing in high-growth marketplaces helped TickPick greater than quintuple income since their funding.”
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