Accel Partners leads fourth round
in Europe's fastest growing digital media company as co-founder
rejoins Seatwave board
LONDON: 1 June 2009 - Seatwave, Europe's largest fan-to-fan ticket
exchange (comScore, April 2009), has announced it has raised $17
million in fourth round Series D funding led by Accel Partners.
Accel Partners is joined by existing investors Fidelity Ventures,
Atlas Venture, Mangrove Capital Partners and Adinvest. Sonali De
Rycker, who helped to found the company while at Atlas Venture,
returns to the Seatwave board as part of Accel's investment.
Over the past three years, Seatwave has pioneered the European
ticket exchange category and established itself as a trusted
consumer brand in the live entertainment space. The company
continues its core mission of providing safe and rationally priced
tickets for fans of live music, sport, arts and a host of
activities. Seatwave operates local businesses in the UK, Germany,
Spain, Italy and the Netherlands.
The company has seen revenue rise 2,203% in the past three years
and it was, this month, named the fastest growing digital company
in Europe (GP Bullhound Media Momentum Awards 2009). Market
statistics show there is a widening gap between Seatwave and its
competitors with comScore confirming Seatwave's position as
Europe's largest ticket exchange, with just over 1.9 million unique
users (comScore, April 2009).
Joe Cohen, founder and chief executive of Seatwave, commented: "In
a short space of time, we've been able to carve out a great
position in the live entertainment space across Europe. We're
excited that Accel decided to support our next phase of growth, and
we're particularly happy to have Sonali back on the team."
Commenting on the investment, Sonali De Rycker from Accel Partners
said: "We like to partner with talented and ambitious management
teams building category-leading businesses. As the live
entertainment business has evolved, Seatwave has captured an
enviable leadership position. We believe Seatwave's management team
will continue to redefine the market, and our goal is to help them
build on their current momentum."
The company plans to use the proceeds of the funding for general
corporate purposes and continued geographic expansion of its
award-winning consumer service.