Social ticketing platform Ticketfly has today announced it has raised a $22 million Series C investment.
Since its launch in 2008, the company has raised a total of $37 million.
This round of financing was led by SAP Ventures, with participation from Northgate Capital, Cross Creek Capital, and Series B lead investor Mohr Davidow Ventures.
Ticketfly said it plans to use the proceeds from the financing to further accelerate technology innovation and drive expansion in existing and new vertical and geographic markets.
The funding follows a period of expansion for the four-year?old company, including the recent launch of Ticketfly’s reserved seating functionality, a product that it says 'effectively triples [our] addressable market by extending its social ticketing platform to reserved seating venues across North America'.
Ticketfly grew its client base by 65 percent in the first half of 2012. Key new clients include The Catalyst (Santa Cruz, Calif.), The Echo/Echoplex and Spaceland Presents (Los Angeles), 40 Watt Club (Athens, Ga.), Rams Head (Baltimore), Aladdin Theater (Portland, Ore.), Cain’s Ballroom (Tulsa, Okla.), Foam & Glow Tour (national), Dutch Lions Soccer Club (Dayton, Ohio), The Slipper Room (New York), The Vogue Nightclub (Indianapolis, Ind.) and Aspen Live Conference (Aspen, Colo.).
Andrew Dreskin, CEO, Ticketfly said: “We seek investors that provide not only financial support, but also strategic value. SAP Ventures, Northgate Capital and Cross Creek Capital certainly fit that bill. These firms have significant expertise internationally, in the sports vertical and in the public markets. Their knowledge and experience will be critical as we expand our product offering and diversify our client base. It’s a time of great disruption in the ticketing space, and we’re thrilled to have investors who share our vision – to transform the event ticketing industry.”