- SeatGeek said it raised $238 million as part of a Series E financing round led by long-time investor Accel, valuing the ticketing company at a $1 billion on a pre-money basis.
- The round also including backing from Wellington Management, Arctos Sports Partners, and Ryan Smith, founder and executive chairman of Qualtrics and founder of Smith Entertainment Group, which includes the Utah Jazz, according to a statement.
- The new funding comes after former SPAC RedBall Acquisition Corp. and SeatGeek announced in June that they had mutually agreed to terminate their planned merger agreement due to unfavorable market conditions.
- RedBall and SeatGeek announced plans to merge in October. The deal pegged the initial enterprise value of the combined company at around $1.35B.
- SeatGeek competes with Vivid Seats ( NASDAQ: SEAT ), which went public through a SPAC deal in October. SeatGeek also competes with StubHub, which is reportedly looking to go public via a direct listing.
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SeatGeek raises $238M in new funding round