The Success Behind EventBrite $1billion Valuation.
Seems that Barely a year after managing to raise over $60 million from Tiger Global Management and T.Rowe Price, Eventbrite has managed to gather another $50 million from the same group at a $1 billion valuation, bringing its total raised amount to $190 million.
This recent funding news came a bit of a shocker due to Eventbrite being pinned as a likely 2014 IPO candidate. It seems that Evenbrite have been offered a deal by Tiger and T.Rowe Price that was just far too tantalizing to give up.
“Eventbrite is a fast-growing company focused on building the largest marketplace for events in the world,” the company said in an emailed statement. “We are fortunate to have such supportive and engaged investors, and after working together and getting more insight into our business and traction, Tiger Global and T. Rowe Price proactively approached us about increasing their investment. As a responsible, global startup in hypergrowth, we recognize the importance of having an appropriate level of invested capital to execute our growth strategy and control our destiny. For these reasons, we chose to accept the funding.”
Sources have reported that the money is planned to be use on continuing there geographic expansion and product development. Eventbrite plans to double its business in Western Europe. During the previous September, the company managed to acquire its London-based rival Lanyrd, along with its Latin American counterpart Eventoiz.
Eventbrite plans to continue on developing consume-facing features for even discovery, on its product development side. During the early month, the company managed to launch a self-service reserved seating solution.
Eventbrite has passed its previous record last year, with nearly $1 billion in ticket sales for the entire year. To grasp this more better, the company took over six years to even reach $1 billion in cumulative sale in 2012. Combined it has managed to sell more that $2 billion in tickets. Online events ticketing in the U.S alone are worth more than $4 billion in the market.
Over three million events in 187 countries used Eventbrite’s DIY ticketing service in 2013, and the app has seen 2.3 million downloads last year alone.