Investment will accelerate the transformation of the live event experience for promoters and fans
SAN FRANCISCO, July 15, 2015 /CNW/ -- Ticketfly, the San Francisco-based software company reimagining the live event experience for promoters and fans, today announced it has closed its $50 million Series D financing. The round was led by Riverwood Capital, a globally-focused private equity firm that invests in fast-growing, late-stage technology companies. Ticketfly will use the funds to accelerate development of its industry-leading cloud-based live events platform, including new products and services for its existing client base. The financing will also fuel the company's move upstream into larger facilities, its expansion globally and into adjacent verticals, and a reimagined event-going experience for fans. Ticketfly's total funding to date is now $85 million.
Ticketfly delivers software that facilitates a better experience for both the promoters who produce events and the fans who enjoy them, going well beyond just ticketing. Its integrated platform powers the entire event lifecycle, from booking acts to digital marketing to in-venue commerce. For fans, Ticketfly offers up curated picks from trendsetting venues across North America via a mobile-friendly experience.
The company has a track record of innovation; it was the first to offer a fully integrated ticketing, marketing, analytics, and fan CRM software suite. This investment will enable Ticketfly to continue innovating in its core market, while also taking to a larger stage the platform its early-adopter client base has enjoyed for years. As live events become an increasingly important revenue stream for the music industry—live music accounted for over half of total music spending last year—this innovation takes on special significance.
"I'm excited to welcome the Riverwood team to the Ticketfly family. We both agree that there is a once-in-a-lifetime moment of disruption happening in the live events space, and Ticketfly is clearly at the center of it," said Andrew Dreskin, co-founder and CEO of Ticketfly. "Technology has forever changed how we listen to music today, but we've only scratched the surface of how it can transform live events, for both promoters and fans."
"Ticketfly is giving the events industry the shake up it needs—and I'm not just talking about ticketing," said Jeff Parks, founding Partner of Riverwood Capital. "The company has brought its software prowess to bear on everything promoters and fans need for a better event-going experience. Ticketfly was leveraging the power of mobile, cloud, and social technology, plus deep analytics, long before any other players in the space, and today it's become a market leader. We're very excited to be partnering with one of the top management teams in the business and are confident in a bright future for Ticketfly."
Recently, Ticketfly crossed the $1 billion mark for cumulative gross sales and was named one of Fast Company's "Most Innovative Companies in Music." The company powers more of Pollstar's top 200 independent clubs in the U.S. and Canada than any other provider, and continues expanding its client list through acquisitions and notable new signings. In March, Ticketfly acquired Northern Tickets, the in-house ticketing service of The MRG Group, Canada's premier entertainment collective, and this summer, it added prestigious partners including Life is Beautiful festival and Central Park Summerstage to its roster.
Ticketfly expects previous investors including Mohr Davidow Ventures, Sapphire Ventures, Cross Creek Capital, Northgate Capital, Primary Ventures (formerly High Peaks Venture Partners), and Contour Venture Partners to participate in this financing. RBC Capital Markets acted as exclusive placement agent for the financing.
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Ticketfly is a technology company reimagining the live event experience for promoters and fans. Its powerful ticketing, digital marketing, and analytics tools help promoters book top talent, sell more tickets, and increase in-venue revenue, while its consumer tools help fans have a better event-going experience. The company was founded in 2008 by Andrew Dreskin, co-founder of TicketWeb, the first company to ever sell tickets online. Since then, over 1,100 leading venues and promoters have partnered with Ticketfly to power their events, including Merriweather Post Pavilion, the Brooklyn Bowl, Pitchfork Music Festival, and Burning Man. In 2015, Ticketfly was named one of Fast Company's "Most Innovative Companies in Music."