Eventbrite Raises $50 Million; joins $1 Billion Club
Popular San Francisco-based reservation site, Eventbrite has raised $60 million at a valuation of $1 billion according to Fortune Magazine. Headed by Julia and Kevin Hartz, the company aims to be the largest marketplace for tickets is . The funding was raised from Tiger Global Management, one of the most successful hedge funds in the world, and T. Rowe Price – a large mutual fund.
The company has hit a growth spurt with gross ticket sales of $1 billion last year. The 8 year-old firm has recently made big changes by hiring Chief Financial Officer (CFO) from Shutterfly. Mark Rubash; it also recently added a seat reservation feature for events, putting it in direct competition with Ticketmaster – the industry leader.
Thecompany will use the funding to further its expansion in Western Europe, where it has made some acquisitions, and Latin America where it is experiencing tremendous growth. It will also use it to further improve its mobile apps, seat reservation and other products to better compete with others in the industry.
Overall, Eventbrite has raised about $200M in funding from prominent venture funds from Sequoia Capital and angel investor, Ron Conway. The recent valuation puts it in an elite league of technology companies valued in the $1 billion range from Box to Airbnb.
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