Germany-based technology company SAP’s corporate venturing unit has helped US-based social ticketing platform Ticketfly raise $22m .
SAP Ventures was joined in the series C round last Wednesday by venture firms Northgate Capital, Cross Creek Capital, and Mohr Davidow Ventures. The deal brings the total investment raised by Ticketfly since its launch in 2008 to $37m.
Ticketfly’s series B in 2011 was also backed by venture firms High Peaks Venture Partners, Contour Venture Partners and angels Roger Ehrenberg and Howard Lindzon, according to news provider TechCrunch.
Ticketfly’s series A raised $3m and this round was also backed by the NYC Seed Fund.
David Hartwig, managing director at SAP Ventures, said: “Ticketfly Is leading a sea change in the ticketing space, as demonstrated by its unbelievable growth. It is not often that we run across a company with this kind of growth trajectory and to date it has been solely focused on the US. We think there are a number of international market opportunities for Ticketfly. Our Investment in the company underscores our belief that it represents the future of event ticketing.”
The startup has become the world’s number two ticketing service since its launch four years ago. The company grew its client base by 65 percent in the first half of 2012, with many venues looking for an alternative to allowing their competitors at Live Nation to sell their tickets. Ticketfly also doubled its staff in 2011, and its revenue grew 4,484% between 2009 and 2011.
Ticketfly also launched its Reserved Seating service on July 18. Reserved seating makes up over 70% of all advance ticket sales in the US. Ticketfly said on its blog that the move will effectively triple their appeal to new partners. The move also allows Ticketfly to involve itself in events with season ticket holders, opening the door to performing arts and, more crucially, sporting events.
Andrew Dreskin, CEO of Ticketfly, said, “We seek investors that provide not only financial support, but also strategic value.”
Currently, Ticketfly operates solely out of the US. International investment manager SAP Ventures looks to open the company up to “a number of international market opportunities”.