A London based secondary ticketing website called Seatwave has confirmed it has raised $8 million in a second stage round of funding. According to company co-founder Fred Destin the latest funding comes from financiers Mangrove, Oliver Jung, and Atlas Venture.
The interest of investors in the ticketing site, which is similar to the US StubHub service that was acquired by eBay earlier this year, shows the perceived business potential of secondary ticket sales services, despite opposition in parts of the live music sector to online operations which essentially legitimise and expand the reach of ticket touts.
Seatwave soft-launched in December and, like StubHub, enables individuals to resell tickets to live events for a profit. It distinguishes itself from more generic 'market place' websites like eBay by being specifically designed for the sale of tickets to events, therefore making it easier to use for casual buyers and sellers.
Destin says he sees his main competitor as the previously reported Viagogo, another Europe based secondary ticket website which, when it launched last year, said it hoped to win support from the live sector as a legitimate marketplace for ticket resales. But with the new round of funding Destin says he is confident he can compete with his rival, telling reporters: "We have a highly funded and agressive competitor in Viagogo, but on today's indicators we are convinced we can take this market".