The event ticketing business is moving since attendance at sporting and musical events has increased since the pandemic, and this year’s income is predicted to be more than $500 million.
The business rivals Live Nation’s Ticketmaster, Vivid Seats, which went public in October 2021, and StubHub, which Seeking Alpha said was planning to go public last year.
After abandoning its plans to go public at the time, SeatGeek acquired $238 million from private investors in August.
According to the Wall Street Journal (WSJ), the financing valued SeatGeek at roughly $1.2 billion, down from as much as $2 billion in its planned special purpose acquisition company (SPAC) merger transaction.
According to the source, the business had planned to combine with the SPAC, RedBall Acquisition Corp., but canceled the merger due to the challenging market for quickly developing enterprises.
SeatGeek announced in a press statement on Aug. 31 that it will utilize the new money to invest in people, products, partners, its personalized event-day experience platform, its refund policy, and its business ticketing software.
“Securing $238 million in a volatile market speaks to the strength of our business and the incredible opportunity that lies ahead,” SeatGeek CEO and Co-Founder Jack Groetzinger said in a statement. “We have ambitious plans for the future and are approaching business expansion with extra care, diligence, and a long-term view of success in mind.”