Eventbrite’s Cash Infusion
The ticketing game could get yet more competitive with news that event management and social commerce startup Eventbrite has secured a major influx of venture capital.
The company, which integrates social media and mobile initiatives into its ticket platform, announced it had raised $50 million in a Series E round of financing from firms including Tiger Global.
Coupled with previous cash infusions, this round brings Eventbrite’s total funding so far to $79.5 million.
“We started with a simple mission of making it easy for anyone to create, promote and sell out their event,” Eventbrite CEO Kevin Hartz said in a statement. “We’ve since been stunned by the size and variety of events that are now powered by Eventbrite.
“From a photography class to the Black Eyed Peas concert in Central Park, we are proving that our ticketing service is not only accessible to anyone, but also extremely powerful and dependable. This expansion capital will accelerate our transformation of the ticketing industry.”
The cash infusion is expected to help fund product innovation and allow Eventbrite to make a more aggressive push into larger-scale live events and global expansion, the company said.
Eventbrite made headlines last year when former Ticketmaster CEO Sean Moriarty joined its board of directors, bringing some gravitas to the company.
At the time, Moriarty called Eventbrite a “pioneer in social commerce.”
“They’ve built a simple and elegant platform that allows anyone to be an effective manager and marketer of a huge variety of events,” he said.
The company says it is on track to process nearly half a billion in gross ticket sales this year.