Rory McIlroy’s Symphony Ventures and Brighton Park Capital made a $250 million (€224 million) equity investment in TickPick, a ticketing marketplace that competes with StubHub, SeatGeek, Vivid Seats and others.
Brighton Park now owns a majority of the New York-based company, Kevin Magan, a partner at the investment firm, said in an interview. As part of the investment, Brighton acquired a minority stake in TickPick owned by GreyLion. Unlike many of its rivals, TickPick’s posted prices include service fees and other charges from the outset.
“We are huge believers in the live events category,” said Mr Magan, citing younger consumers who dedicate a large portion of their income toward experiences. He will represent the firm, which has $4 billion under management, on TickPick’s board alongside colleague Tina Yuan.
TickPick was founded in 2011 and is profitable, processing transactions totalling close to $1 billion annually, the company’s co-chief executive officer, Chris O’Brien, said in an interview. TickPick’s revenue has grown 50 per cent or more per year since inception, a pace Mr O’Brien expects to slow as the company continues to grow.
Its app draws about 2 million active users per month, leading to around 10,000 daily transactions, Mr O’Brien said. Sports such as Major League Baseball, in which teams play at least 162 games a year, have driven repeat purchasers, and the company advertises heavily on Google, Facebook, Instagram and TikTok, he added.
TickPick has partnerships with the NFL’s Philadelphia Eagles and Los Angeles Rams, MLB’s Minnesota Twins and LaLiga North America. It has focused on the US but is keen to establish itself in other markets, such as Europe.
“The United Kingdom is a No 1 target” for international expansion, said Mr O’Brien, adding that TickPick is considering acquisitions that will help the company grow globally. It is also open to purchasing companies that can boost its resale efforts or make it a bigger player in primary ticket sales.
“TickPick is changing the game by offering tickets at affordable and transparent prices, making it easier than ever for fans to see their favourite teams and artists,” Mr McIlroy said in an emailed statement, referencing the company’s “all-in” pricing model.
“I’m proud to support a company that puts the fans at the heart of everything they do.” – Bloomberg
