Ticketing upstart TickPick reveals a $250 million financial investment from company Brighton Park, with a tactical collaboration with Rory McIlroy.
Financial investment company Brighton Park Capital has actually revealed a $250 million financial investment in ticketing upstart TickPick, a “modern-day transparent” ticket market set on changing the ticketing market. The financial investment marks the biggest fundraise in the ticketing market to date.
TickPick and Brighton Park likewise revealed that Rory McIlroy's financial investment collaboration, Symphony Ventures, has actually signed up with as a tactical financier. The collaboration intends to assist TickPick broaden its platform to reach brand-new audiences, highlighting robust self-confidence in the platform's market position and development capacity. Symphony's assistance will allow TickPick to even more improve its offerings, placing the business to profit from growth chances in the sector.
Considering that its starting in 2011, TickPick has actually been transforming the ticketing market with all-in, no-fee prices designs, making sure that fans constantly understand precisely what they are spending for without being blindsided by surprise expenses. The app has actually experienced impressive development, with 14 million downloads leading to sales increasing 8x over the previous 3 years to almost $1 billion in ticket sales today, while conserving consumers over $180 million in service charges alone.
“We're enjoyed reveal our most current development financial investment, which will assist accelerate our capability to change the ticketing market,” stated Chris O'Brien, TickPick co-founder and co-CEO. “We established TickPick with the steadfast dedication to provide a transparent and problem-free ticket-buying experience for customers. This financial investment will enable us to deepen this dedication by speeding up the speed of item development, raise our brand name awareness, and reach more consumers than ever in the past.”
“We have actually constructed a relationship with Brighton Park over several years and the company is our clear partner of option provided its strong performance history of partnering with founder-led business and market platforms, which our company believe will assist us continue to scale business and drive an enduring effect,” included Brett Goldberg, TickPick co-founder and co-CEO.
“TickPick has actually shown remarkable development by providing a strong worth proposal that both improves the client experience and eliminates among the most significant discomfort points for customers with its no-fee design,” stated Kevin Magan, Partner at Brighton Park Capital. “TickPick's current development and collaborations with a few of the biggest sports leagues and groups worldwide is a testimony to their appeal amongst a broad consumer base, and we're thrilled to partner with Brett, Chris, and the exceptionally gifted TickPick group as they continue to interrupt the ticketing market.”
As part of the deal, GreyLion, a personal equity company, will leave its position in TickPick following its 2019 financial investment. Wells Fargo acted as monetary consultant, and Kirkland & & Ellis LLP worked as legal counsel to TickPick and GreyLion. Paul, Weiss, Rifkind, Wharton & & Garrison LLP functioned as legal counsel to Brighton Park.
