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Eventbrite, a popular service which lets people set up webpages to promote their events and also sell tickets, has raised $50 million in a fifth round of funding led by hedge fund Tiger Global Management. The funding round comes as a number of other ticketing startups — including Ticketfly and ScoreBig — have raised their own big funding rounds in recent months.
Unlike those sites, Eventbrite is best known for selling tickets for smaller-sized events, but it has been expanding into much larger events recently. (Its announcement notes that it has sold tickets for everything from “a photography class to the Black Eyed Peas concert in Central Park.”) It says it will use the new funding in part to fund “a more aggressive push into even larger-scale live events.”
Eventbrite is on track to process nearly $500 million worth of ticket sales on its site this year. It doesn’t disclose its revenue but considering it typically takes a 2.5 percent cut, in addition to a 99 cent per ticket fee, its revenue should easily top $12.5 million.
The new funding brings Eventbrite’s total backing to $79.5 million. The company had most recently raised $20 million in a funding round last October. In addition to Tiger Global, which has backed Zynga among other big-name startups, Eventbrite’s backers include Sequoia Capital, DAG Ventures and Tenaya Capital.