Eventbrite, which lets people set up pages to promote their events and also sell tickets, has raised $20 million in its fourth round of funding. The new cash comes as the company says it has already brokered the sale of 7.5 million tickets this year and expects more than $200 million worth of tickets to be sold on its site by year-end, double last year’s total. Eventbrite won’t say what its revenue is, but considering that it typically charges users a fee equivalent to 2.5 percent of the value of the ticket, as well as a 99 cents per ticket charge, revenue has to be well above $7.5 million.
The company, which established its reputation by selling tickets for smaller-sized events, has been expanding into much larger events lately, according to a recent profile in Forbes. It doesn’t seem like Eventbrite is planning any major change in strategy with the new influx of cash. A spokeswoman tells us that the money will be used “to continue to grow the company and scale its product.”
The new cash brings Eventbrite’s total funding to $29.5 million. The round was led by DAG Ventures. New investor Tenaya Capital also participated, as did existing backer Sequoia Capital.
Eventbrite had raised $6.5 million in a third round of funding from Sequoia last fall and Yelp founder Jeremy Stoppelman subsequently put an undisclosed amount of cash into the company in March. Past backers include The European Founders Fund, Bebo co-founder Michael Birch, and YouTube co-founder Jawed Karim.