Viagogo gains a £15m ticket for expansion
Secondary ticketing company Viagogo has received £15m of funding from a syndicate of investors
Secondary ticketing company Viagogo has received $30m (£15m) of funding from a syndicate of investors including private equity firms and individual investors.
The company has been backed by private equity firm Index Ventures as well as Bernard Arnault, the chairman of LVHM, Dr. Herbert Kloiber, a German media owner and the international financier Lord Jacob Rothschild.
The capital will be global expansion as the business seeks to fight off competition from companies such as Seatwave, which also enables fan to fan ticket exchanges.
Eric Baker, founder and chief executive officer of Viagogo, said: “There is massive potential to build a global secondary ticketing market, and Viagogo is the company to do it.
“While existing secondary ticket providers are content with their limited scope, we are thinking bigger, and the continued support of our investors makes that possible.”
Viagogo also announced today that the company has entered the US market with a deal to be the exclusive secondary ticketing provider for the Cleveland Browns NFL team.
Viagogo will also allow fans to trade tickets for live events throughout the US, including concerts, sporting events, and Broadway shows.
Danny Rimer, general partner at Index Ventures, said: “The US secondary ticketing market is stagnant; innovation both on the service side and the consumer experience side has stalled.
“As co-founder of Stubhub, Eric and his team understand this market implicitly and they are well-positioned to capitalize on this opportunity.
“Viagogo has quickly become the leader in Europe and is now poised to disrupt the US market.”
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