|Seatwave seals €17.3 million Series C round|
11 February 2008 16:32
By Tornado Staff
Seatwave, a UK-based fan-to-fan ticket exchange, has raised €17.3 million in a Series C round of funding led by Fidelity Ventures. They are joined by existing investors Atlas Venture, Mangrove Capital Partners and Adinvest.
The company offers an online marketplace for buying and selling tickets for live events such as theatre, sports, and music. Seatwave boasts a secure and transparent online environment. It guarantees that tickets come only from legitimate sources and operates two types of customer protection. Ticketintegrity guarantees that buyers will receive the tickets they ordered and in good time for the event. If not Seatwave refunds 150% of what was paid. All tickets bought on Seatwave are also covered by Ticketcover. This provides for a full refund if an event is cancelled and covers buyers for various circumstances that may prevent them from attending their performance.
Seatwave claims a leadership position in the UK secondary ticketing market, by having over 500,000 tickets available for sale and being the most-trafficked ticket exchange website in the UK – according to Hitwise (December 2007.) In 2007, the company’s customers listed more than 1.7 million tickets on its site for events in 38 countries. The proceeds will be used to generate the same success across Europe. It launched ticket exchanges in Germany, Holland, Spain and Italy during the last quarter of 2007.
The company’s statement highlights some M&A activity in the secondary ticketing market, with Stubhub, TicketsNow and GetMeIn being snapped up in the last 12 months by eBay and Ticketmaster.
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