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Concert Tickets Marketplace Seatwave Attracts $8 Million For European Expansion

Seatwave, a British online marketplace for music fans to buy and sell second-hand concert tickets, has received an $8 million second round from original Skype and Piczo financiers Mangrove, German private investor Oliver Jung and Atlas Venture. Mark Tluszcz, co-founder and managing partner at Mangrove, will join the Seatwave board.

Founded in February by Joe Cohen, formerly of Ticketmaster in Europe, London-based Seatwave raised $3 million first-round funding from Atlas Venture in May 2006. The U.K. space for “secondary tickets” is growing now, with the earlier launch of Viagogo, after eBay’s January acquisition in the U.S. of StubHub for $310 million.

The secondary tickets market is thriving thanks to UK’s gigs and growing festival scene but, while many rely on eBay for off-loading and finding tickets, there is plenty of concern (and possible new legislation) on how scalpers use the net as well as over exorbitant auction prices. But Seatwave, which says it is the U.K.’s largest such site, claims to be super-compliant with national law. According to the company, Seatwave has had more than 400,000 tickets on sale since a soft launch last December, 20 times as many as available on eBay. The investment will be used to grow the staff and to expand across Europe. Atlas’ Fred Destin has more on his blog.

One Response to “Concert Tickets Marketplace Seatwave Attracts $8 Million For European Expansion”

  1. We believe a solution exists that protects the fans from excessive pricing, but also guards against over-regulating a free market.

    By listing all the ticket prices and availability for all UK events in one place, both primary and vetted secondary, we allow the consumer to make an informed and safe decision about their ticket purchase.

    This technology, called 'Vertical Search', follows a strong trend from the US, where small internet start ups are leveraging the massive investments made by sites who have previously tried to consolidate markets rather than work with the fragmentation. Vertical search allows many small sites to exist and works to give the user best access to information.

    We believe the launch of our 'PowerSearch' for tickets (see http://www.tickex.com ) has heralded a new era for the live event fan, and has already been called "the Google for tickets" by Music Week. Within the next 4 weeks we will be the largest ticketing site (by displayed inventory) in the UK.

    Try the search – have fun !

    Dan Brinderson
    Founder
    http://www.TickEx.com