Eventbrite Announces $60 Million in Growth Capital Financing
Strong Customer Demand, Successful Disruption of Ticketing Market Drive Additional Capitalization by Tiger Global and T. Rowe Price
SAN FRANCISCO, CA--(Marketwired - Apr 22, 2013) - Eventbrite, the leading self-service ticketing company, today announced it has raised $60 million in financing, led by Tiger Global Management, and including a new investment partner, T. Rowe Price. After this round, the company's total funding is $140 million.
The additional capital will be used to continue innovating, building and changing the landscape of ticketing. This includes accelerating international growth, mobile, event discovery and innovation, as well as attracting and retaining top talent.
This investment news crowns a year of rapid growth. Last month, Eventbrite announced that it had processed over 100 million tickets across 179 countries, totaling more than $1.5 billion in gross ticket sales. One-third of those ticket sales had occurred within the previous 9 months. The company also announced in March that it had doubled the total number of tickets processed -- to 100 million -- since February 2012. These milestones confirm the large, underpenetrated and global market for ticketing as well as the universal need for an easy-to-use and scalable platform for event organizers and consumers alike.
"Live experiences are the new luxury good -- from large festivals and concerts to conferences and political rallies, people are increasingly looking to share live experiences with people of similar interests and passions. We're pleased to be able to work with existing as well as new investors who truly understand the opportunities that these kind of occasions represent, as well as the power of the platform we have built to make them happen," said Kevin Hartz, CEO of Eventbrite. "This funding round is the most efficient way to scale our business around the world, while remaining totally focused on our users."
"Eventbrite remains a superb investment," said Lee Fixel, Partner at Tiger Global. "Kevin and his team have built a sustainable business that not only captures real value, but also uncovers new sources of revenue at very low cost. We are pleased to increase our investment in Eventbrite to help the company further expand its tools and platform."
Henry Ellenbogen, Portfolio Manager at T. Rowe Price Associates, Inc., added: "We believe Eventbrite has a strong underlying financial model that will continue to scale, and its valuation will be well supported by traditional financial metrics in the future. When we look at private companies, we look for companies that possess the capabilities and mindset to build a much larger and durable company. We believe that the Eventbrite team has the track record and skills to achieve that status." In addition to Tiger Global and accounts managed by T. Rowe Price, other Eventbrite investors include Sequoia Capital, DAG, and Tenaya.
Eventbrite enables people all over the world to plan, promote, and sell out any event, and has sold over 100 million tickets and registrations worldwide. The online event registration service makes it easy for everyone to discover events, and to share the events they are attending with the people they know. In this way, Eventbrite brings communities together by encouraging people to connect through live experiences. Eventbrite's investors include Tiger Global, Sequoia Capital, DAG Ventures, and Tenaya Capital. Learn more at www.eventbrite.com.
About Tiger Global Management, LLC
Tiger Global Management, LLC is an investment firm that deploys capital globally through its private investment and hedge fund partnerships. The firm's private investment funds have ten-year investment horizons and focus on growth-oriented private companies in the global Internet and technology sectors. Tiger Global's private investments include SurveyMonkey, Facebook, Linkedin, Square, Yandex, Mail.ru Group, Ctrip, New Oriental, 360buy, Flipkart, Makemytrip, Justdial, Netshoes, Despegar, MercadoLibre, Trendyol, and Eventbrite. The firm's fundamentally oriented hedge funds invest primarily in public equities with an emphasis on long-term trends in the global technology, telecom, media, and consumer sectors. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Beijing and Singapore.
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Associates, Inc. (troweprice.com) is part of a global investment management organization with $576.8 billion in assets under management as of December 31, 2012. The organization provides a broad array of mutual funds, sub-advisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries.