TicketsNow Closes on $34 Million in Institutional Funding
Inc. 500 Entertainment Technology Company to Leverage Investment Toward Growth Initiatives
Chicago, IL (PRWEB) March 5, 2007 -- TicketsNow (www.TicketsNow.com), the world's leading online marketplace for premium event tickets, today closed on its first round of institutional funding by raising $34 million from a number of venture capital firms led by Adams Street Partners (www.adamsstreetpartners.com) and including DFJ Portage Venture Partners (www.dfjportage.com) and New World Ventures (www.newworldvc.com).
Under the terms of the transaction, proceeds from the infusion will be used to grow TicketsNow and maintain the company's leadership position within the online secondary ticket industry. This round of funding incorporates the first traunch of $8.2 million TicketsNow accepted in April 2006 from venture capital firms in both Chicago and Silicon Valley.
"This investment serves as a strong endorsement of our leadership position within the secondary ticket industry. We've built a highly successful business model at TicketsNow and are proud to offer consumers the most secure option for purchasing premium event tickets," said Mike Domek, Founder and Chief Executive Officer for TicketsNow. "While we are a cash-flow positive operation, this round of funding provides us the growth capital needed to take advantage of the many strategic opportunities in an ever-evolving industry."
TicketsNow enjoyed an active 2006. In July, the company unveiled an innovative Web 2.0 platform that features customizable offerings unmatched within the secondary ticketing industry, allowing customers to easily locate and buy their tickets, as well as plan and remember every element of their event. TicketsNow also offers a level of security that no one else in the industry can by permitting only professional, certified resellers to list tickets on the company's secure marketplace.
Also in 2006, TicketsNow entered into exclusive relationships with several professional sports franchises and collegiate athletic teams including the Baltimore Ravens, Jacksonville Jaguars, NASCAR.com, University of Louisville, Arizona State University, Texas Christian University, and Princeton University. Additionally, TicketsNow was again named to the Inc. 500 index of the fastest-growing privately held companies in the U.S, the second time in three years the company has been so honored.
"We are excited about our investment in TicketsNow. The company's breadth and depth of inventory combined with the exceptional service levels for which TicketsNow is known will further solidify their leadership position in this evolving marketplace," said Matthew Crisp, a General Partner at Adams Street Partners. "As the most-visited online secondary ticket marketplace, TicketsNow continues to differentiate itself from the competition, which is a real testament to their sound strategy and profitable business model. With this investment, we believe TicketsNow is poised to achieve even greater success."
About TicketsNow
Established in 1999, TicketsNow is the world's largest and most trusted marketplace for premium event tickets. More than 90% of all professional ticket agencies that list, buy, and sell secondary event tickets online utilize software developed by TicketsNow--creating the most comprehensive database of secondary event tickets in the world. Named in 2004 and 2006 to the Inc. 500 index of the fastest-growing privately held companies in the U.S., TicketsNow is a premium ticket provider for USA TODAY, Fandango, and AOL; an official sponsor of the Baltimore Ravens and Jacksonville Jaguars; an official sponsor of University of Louisville Athletics, Arizona State University Athletics, Texas Christian University Athletics, University of Cincinnati Athletics, and a corporate partner of Princeton University Athletics; a member of the Better Business Bureau; and a founding member of the NATB, which promotes the highest level of ethics in the secondary ticketing marketplace. For more information, visit www.TicketsNow.com.
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See the original story at: http://www.prweb.com/releases/2007/03/prweb509076.htm
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