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August 06, 2007
Viagogo Raises $30M With Eyes on US Market and Stubhub
We have been tracking the loser leave town battle for the European online ticket sales market which pits Viagogo vs. Seatwave and of course eBay's Stubhub.
Seatwave raised an $8M B round with Atlas who brought in Mangrove Capital. It has been one-upped by Viagogo today which has just closed a $30M in a 3rd round. Viagogo was formed by StubHub co-founder Eric Baker. Backers include Index Ventures, LVMH chairman Bernard Arnault, German media man Herbert Kloiber and financier Jacob Rothschild. Viagogo has now raised $50M to date. Interestingly, it plans to use the new funding to enter the U.S. market. So Baker is both going to make a small fortune from the sales of his Stubhub shares to eBay and compete with eBay on its native soil? That's ballsy.
Says investor Danny Rimer at Index Ventures said, "The U.S. secondary ticketing market is stagnant; innovation both on the service side and the consumer experience side has stalled. As co-founder of Stubhub, Eric and his team understand this market implicitly and are well-positioned to capitalize on this opportunity. Viagogo has quickly become the leader in Europe and is now poised to disrupt the U.S. market."
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Posted on August 6, 2007 09:37 PM | Posted to eCommerce | Permalink
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