Eventbrite has closed $20 million in Series D funding led by DAG Ventures, and including Tenaya Capital as well as previous investor Sequoia Capital. The four-year-old, San Francisco-based company has now raised a total of $29.5 million.
While “D” is getting awfully high in the alphabet for a web startup, Eventbrite CEO Kevin Hartz said he’s not prepping for an IPO anytime soon. “If you see what’s out there on the ticketing side, there’s just not a lot of innovation — it’s been a status quo industry,” he said. “We’re really just getting started.” Still, $20 million is no joke, and puts pressure on the company to show its early momentum can mean a real business.
Hartz said Eventbrite is on track to do $200 million in gross ticket sales this year; the site’s average ticket price is $60. With a per-ticket fee of $0.99 and a 2.5-3 percent cut of every transaction, that’s (my math, not his) at least $8 million in revenue.
Hartz told me he believes Eventbrite mainly serves customers who previously didn’t use a ticketing vendor. “We’ve primarily been an enabler — we’ve been enabling a whole new class of events,” he said. Asked about taking down the vile Ticketmaster and its evil fees, Hartz started to demur but then replied, “It’s very natural that at some point we’d push upstream.” He pointed out that Eventbrite isn’t directly competitive with Ticketmaster yet because it doesn’t offer reserved seating.
For now, Eventbrite is focused on innovation around things like ticket demand. For instance, after integration with Facebook Connect to encourage users to share events, Facebook is now Eventbrite’s largest referrer of traffic.
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