Seatgeek allows you to search for event tickets online and via mobile devices, and it’s equipped to show you the best ticket prices and venue maps. The company was founded by Jack Groetzinger and Russ D’Souza and has so far raised $41 million in venture capital and angel funding.
|Based on||For searching event tickets online|
|Founded by||Jack Groetzinger and Russ D’Souza|
|Seatgeek net worth||$1.35 Billion (Last Updated 2022)|
Seatgeek net worth
A special-purpose acquisition company and SeatGeek agreed to merge in October 2021, and SeatGeek was valued at $1.35 billion.
Founders of Seatgeek
Jack Groetzinger and Russ D’Souza were frustrated five years ago when it wasn’t possible for them to find a single, convenient site where they could search for the best deals in sports and concert tickets. Therefore, following in the footsteps of other entrepreneurs, they founded SeatGeek from scratch.
So far, the ticketing platform has proved to be a success. The platform sold tickets worth more than $100 million in 2013.
What is Seatgeek? (Overview)
First of all, SeatGeek does not sell tickets. It collects inventory from all of the major secondary and resale websites, such as Ticketfly, eBay, and TicketsNow.
The system lets buyers create customized searches according to seating options, price ranges, or venues. The company’s proprietary software, Deal Score, ranks the seats based on a scale of 0 to 100, from “amazing” to “awful”.
Each ticket earns the company between 8 and 10 percent commission. Including advertising fees from brands, it generated $13 million in revenue last year.
SeatGeek attracts customers primarily through ads on platforms such as Facebook and Twitter that encourage users to download its app. The company spends $350,000 on mobile marketing each month.
“The net effect of advertising is that we’ve been able to grow so much faster,” D’Souza explained. “We’ve tripled the business since last year.”