SeatGeek Launches Ticket Resale Marketplace
Designed to function on mobile devices, SeatGeek Marketplace purports to provide a platform for fans to buy, exchange or resell tickets. The move puts SeatGeek into direct competition with existing resale services such as StubHub and Ticektmaster.
“We’re thrilled about the possibilities that the SeatGeek Marketplace opens up for fans,” SeatGeek co-founder Russ D’Souza said. “Tens of thousands of tickets go unused every day because the process of selling tickets online is too onerous. By lowering the barriers for consumers to sell tickets online, our hope is that the SeatGeek Marketplace not only makes it easier for fans to recoup the cost of their unused tickets, but also makes it possible for many more fans to attend live events.”
SeatGeek says that its service will differ from others in a number of ways. The company says that it offers price transparency, without adding additional fees for purchasers, fee-free transfers to friends, dynamic price recommendations, and the use of Venmo for peer-to-peer payments.
The launch of the SeatGeek Marketplace comes on the heels of a period of growth for the company over the past 24 months. The company raised $35 million in Series B funding from Accel Partners in August 2014, then $62 million in Series C funding eight months later, led by Technology Crossover Ventures. Additional SeatGeek investors include Founder Collective, Causeway Media Partners, Mousse Partners, Carmelo Anthony, Shane Battier, Peyton Manning, Eli Manning and musical artist Nas.
via Celebrity Access