Ticket Resale App Gametime Announces $30 Million Funding Round
Gametime, which touts itself as a last-minute source for game, concert, and show tickets, announced it has secured a $30 million round of funding. The investment will be put to use in accelerating the product development efforts of the platform, in hopes of engaging younger users and making its use faster and easier – particularly useful given the app’s marketing being driven by the potential for huge savings on tickets still available in the final hours before an event starts.
“We’re in a golden age of live entertainment as pent-up demand from the pandemic is fueling record growth for attendance at sporting events, concerts and shows,” says Brad Griffith, CEO of Gametime. “This investment means Gametime can rapidly accelerate our product development and can continue to help teams, leagues and artists rebound from a challenging few years. On the fan side, it’s one of the most important times in history to make it easier for people to connect with friends, families and communities.”
The round is led by Nimble Ventures (including Golden State Warriors owner John Burbank), with additional investment by Maven Ventures, Accel, GV, Jeff Mallett (San Francisco Giants principal partner and Vancouver Whitecaps chairman and co-owner), Palapa Ventures, Bolt Ventures (David Blitzer, owner of Philadelphia 76ers and New Jersey Devils), Tenere Capital, Blitzscaling Ventures, Next Play Capital, Alumni Ventures, University Growth Fund and other influential individual investors.
“Gametime makes it extraordinarily fast and easy to connect fans with events,” explains Jeff Mallett, San Francisco Giants principal partner and Vancouver Whitecaps chairman and co-owner. “Team owners see opportunities to expand the market and future proof the industry with Gametime’s younger audience as season ticket holders age. With ticket sales closer to the start of the game or concert skyrocketing in popularity, Gametime has defined the last minute category and is the brand of choice for answering the questions: what’s up tonight?”
As part of the announcement of the deal, Gametime indicated that it has sold over $1 billion worth of tickets since its launch, and expects to exceed $500 million in sales in 2022 alone. According to the company, its Top 10 days of sales since the company has launched have all occurred in 2022.