New York City gained a new tech unicorn this week.
On Wednesday, tech-fueled live event platform SeatGeek pulled in $238 million in a Series E funding round, valuing the eight-year-old company at $1 billion.
The raise comes from existing investor and VC firm Accel with participation from Wellington Management, Arctos Sports Partners and Ryan Smith, founder and CEO of Smith Entertainment Group, the parent company of the Utah Jazz.
SeatGeek plans to use its new injection of capital to further invest in its people, product and partners. Additional capital will go toward expanding key areas including SeatGeek’s Rally feature that launched last year.
Through the Rally feature, event attendees can access directions to stadiums, order food from their seats, purchase merchandise and book a Lyft ride home all on the SeatGeek app.
“Securing $238 million in a volatile market speaks to the strength of our business and the incredible opportunity ahead,” SeatGeek CEO Jack Groetzinger said in a statement. “The pandemic has fundamentally reshaped the way people think about how they want to spend quality time outside of their homes, and we’re proud to have SeatGeek continue to play an important part in ensuring their live event experiences are memorable and life-changing.”
SeatGeek’s technology works with in over 200 sports and entertainment companies. Some big-name partners include the Brooklyn Nets, NYC-based Jujamcyn Theaters and the Dallas Cowboys.
“Since we first partnered with SeatGeek in 2014, the team has stayed committed to transforming live events by consistently building terrific products for teams and fans,” John Locke, a partner at Accel, said in a statement. “We’ve never been more excited about what’s ahead for the company, and we’re looking forward to working closely with Accel family and friends like Ryan Smith, Arctos Sports Partners and Wellington Management in the years ahead.”
Outside of its recent raise, SeatGeek is actively hiring for nearly 100 positions.
