Ticket marketplace platform TickPick has secured a $250 million investment from Brighton Park Capital, an investment firm focused on growth-stage companies.
Brighton described the transaction as “the largest fundraise in the ticketing industry to date.”
Founded in 2011 by Co-CEOs Brett Goldberg and Chris O’Brien, TickPick promises to eliminate hidden fees. The company says its all-in, no-fee pricing model has saved over $180 million in service fees alone on the TickPick platform since its inception.
This approach aligns with recent legislative efforts in the US aimed at increasing transparency in the ticketing industry. Lawmakers have been pushing for reforms to address issues like hidden fees, on-sale transparency, buyer protections, speculative tickets, and deceptive websites.
“TickPick… removes one of the biggest pain points for consumers with its no-fee model.”
Kevin Magan, Brighton Park Capital
TickPick’s rise also comes at a time when the broader ticketing industry, particularly Live Nation and its ticketing arm Ticketmaster, faces scrutiny over pricing practices.
Earlier this year, Live Nation defended its fee structure, stating that while service fees may be unpopular, they are necessary to cover the costs associated with producing live events. The company is currently defending itself against an antitrust lawsuit brought by the US Department of Justice.
TickPick says it has seen significant growth, with 14 million mobile app downloads and an 8x increase in sales over the past three years, and is now nearing $1 billion in ticket sales.
The $250 million investment from Brighton Park Capital is expected to enable TickPick to further scale its operations and continue innovating within the ticketing space.
“We have built a relationship with Brighton Park over many years and the firm is our clear partner of choice given its strong track record of partnering with founder-led companies and marketplace platforms, which we believe will help us continue to scale the business and drive a lasting impact,” said Brett Goldberg, TickPick Co-Founder and Co-CEO.
Kevin Magan, Partner at Brighton Park Capital, said: “TickPick has demonstrated tremendous growth by offering a strong value proposition that both enhances the customer experience and removes one of the biggest pain points for consumers with its no-fee model.”
“We founded TickPick with the unwavering commitment to deliver a transparent and hassle-free ticket-buying experience for consumers.”
Chris O’Brien, TickPick
Additionally, Symphony Ventures, the investment partnership of professional golfer Rory McIlroy, has joined as a strategic investor. Symphony Ventures’ involvement is expected to help TickPick reach new audiences and expand its platform. TickPick has partnerships with several major teams, including the Philadelphia Eagles, Los Angeles Rams, and Minnesota Twins, as well as soccer league LaLiga North America.
Chris O’Brien, TickPick Co-Founder and Co-CEO, said: “We’re thrilled to announce our latest growth investment, which will help accelerate our ability to transform the ticketing industry. We founded TickPick with the unwavering commitment to deliver a transparent and hassle-free ticket-buying experience for consumers. This investment will allow us to deepen this commitment by accelerating the pace of product innovation, raise our brand awareness, and reach more customers than ever before.”
As part of this investment round, GreyLion, a private equity firm that invested in TickPick in 2019, will exit its position.
“Brett, Chris and the entire team at TickPick have built a successful and scalable business within the live events industry. We are proud to have partnered with TickPick to help strategically drive their growth and wish them continued success,” said Santi Núñez, Partner at GreyLion.
Goldberg added: “We have highly valued our partnership with GreyLion, who supported our growth ambitions, both organically and through strategic investments. Their experience investing in high-growth marketplaces helped TickPick more than quintuple revenue since their investment.”
Music Business Worldwide
