SeatGeek Scores Funding
SeatGeek’s latest funding round is expected to net as much as $50 million, sources reportedly close to the matter told Re/code. That’s on top of a $35 million investment announced in August from Accel Partners, which counts Nas and NFL quarterback siblings Peyton and Eli Manning among its investors.
The cash infusion could mean StubHub and Ticketmaster now have a formidable opponent in the secondary market from the growing SeatGeek.
Part of SeatGeek’s appeal is its strong mobile app, and Re/code speculated the funds could allow the company to begin to bring transactions that it had been sending to different ticket sites in-house to smooth out the mobile transaction process.
SeatGeek flirted with the idea of a possible sale to Live Nation in 2014, but negotiations reportedly unraveled after the two sides couldn’t agree on a price given SeatGeek’s business model.