Smith Entertainment Group’s Ryan Smith invests in SeatGeek

NEW YORK – SeatGeek, the high-growth technology platform transforming the live events experience for fans, teams and venues, today announced it has raised $238 million in a Series E funding round led by longtime investor Accel Dollars attended by Wellington Management, Arctos Sports Partners and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smith Entertainment Group (SEG), which includes Utah Jazz. The investment values ​​the company at $1 billion on a pre-money basis and comes after SeatGeek beat all public financial projections for 2021 and is on track to more than double revenue in 2022.

“Securing $238 million in a volatile market speaks of the strength of our company and the incredible opportunity that lies ahead. We have ambitious plans for the future and are approaching business expansion with extra care, diligence and a long-term vision for success,” said Jack Groetzinger, CEO and co-founder of SeatGeek. “As a technology company founded specifically to reinvent the live entertainment experience, this new asset allows us to deepen our support for our customers, because what we all want and deserve is to transform this antiquated industry for the better.” to shake up. The pandemic has fundamentally changed the way people think about spending time away from home, and we’re proud that SeatGeek continues to play an important role in ensuring their live event experiences are memorable and are life changing.”

SeatGeek will use the new capital in a variety of ways, including continued investment in its people, products and partners, as well as further investments in several key areas such as Rally, its personalized event day experience platform; SeatGeek Swaps, the first return policy offered by a major ticketing platform; and its enterprise ticketing software, which supports the entire ticketing ecosystem by offering an end-to-end solution for teams and venues.

“Since our first partnership with SeatGeek in 2014, the team has been dedicated to transforming live events by consistently creating great products for teams and fans,” said John Locke, Partner at Accel and member of the SeatGeek Board of Directors . “We have never been more excited about the future of the company and look forward to working closely with the Accel family and friends like Ryan Smith, Arctos Sports Partners and Wellington Management in the years to come.”

“SeatGeek stands out in the live entertainment ecosystem. The company is driving innovation in a rapidly changing ticketing environment where teams and fans are demanding greater flexibility and commitment,” said Chad Hutchinson, Partner at Arctos Sports Partners and a member of the SeatGeek Board of Directors. “We look forward to working with Jack and the SeatGeek team as they continue to provide world-class ticketing solutions that ensure a superior experience for fans, teams and venues.”

“SeatGeek is transforming the way people experience live events,” said Matt Witheiler, Head of Consumer/Technology at Wellington Management. “Their diverse and resilient business model lends itself well to this environment where fans seek tickets to events and return to in-person experiences.”

Today, SeatGeek supports over 200 sports and entertainment customers, including the New Orleans Saints, the Dallas Cowboys, the Arizona Cardinals, the NBA’s Brooklyn Nets, the Cleveland Cavaliers, the New Orleans Pelicans, the Washington Commanders, and the five Broadway Cinemas by Jujamcyn Theaters in New York.

The company also has league-wide agreements with the National Football League (NFL) and Major League Soccer (MLS) and tickets for half of the English Premier League (EPL) in the UK, including Liverpool FC and Premier League Champions Manchester City FC The company also recently signed deals with the Florida Panthers of the NHL and the team’s owned and operated venues, NASCAR and its owned and operated tracks, the Fiesta Bowl and the Citi Open Tennis Tournament.

The company was also named to Fast Company’s 2022 Most Innovative Companies list for the third time in five years – more than any other major live event ticketing company, it was ranked #3 on Andreessen Horwitz’s prestigious Marketplace 100 list, a Ranking of the Largest Consumers – vs. Private Businesses and was recently named to Inc. Magazine’s annual Best Places to Work list for 2022.

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