Todaytix Completes $6.1 Million Series a Financing, Eyes Accelerated Growth and Geographic Expansion
Contact:
Rick Miramontez / Andy Snyder / Michael Jorgensen
rick@oandmco.com / andy@oandmco.com / michael@oandmco.com
212-695-7400
FOR IMMEDIATE RELEASE, PLEASE
TODAYTIX COMPLETES
$6.1 MILLION
SERIES A FINANCING
SF CAPITAL
JOINS TYLT LABS,
RUBICON VENTURES, DANNY MEYER,
JON LEDECKY, JEREMY ZIMMER
AND OTHER EXISTING INVESTORS
TODAYTIX EYES ACCELERATED GROWTH
AND GEOGRAPHIC EXPANSION
New York, NY (November 20, 2014) — TodayTix (www.TodayTix.com; iOS and Android), The Broadway Ticket App, today announces the close of a $6.1 million Series A funding round led by New York-based SF Capital Group, a private investment firm focused on direct equity and debt investments. New and existing participants include TYLT Labs, Rubicon Ventures, Union Square Hospitality Group’s Danny Meyer, New York Islanders owner Jon Ledecky, former Broadway Across American Chairman Thomas McGrath, as well as United Talent Agency’s Jeremy Zimmer, Ryan and Wyatt Rockefeller, Sweetgreen’s Nicolas Jammet, Terry and Hal Greenberg, Keith Jarrett and others. SF Capital’s President, Neil Wolfson, will join the Board of Directors. In June 2013, TodayTix closed a $550 thousand seed round.
TodayTix launched in December 2013 to connect global audiences to the $50 billion global performing arts industry and has since attracted hundreds of thousands of users to its mobile-only ticketing platform. The company’s app, similar to that of HotelTonight in the travel space, sells last-minute (week-of and day-of) tickets to the complete offering of Broadway and premium theater productions, all through a streamlined, mobile interface. TodayTix offers all price points from premium orchestra seats to discount balcony seats, providing consumers with best pricing alongside transparent, industry-low fees. To date, the Company has saved consumers millions of dollars on tickets and attracts younger audiences that have been underrepresented in the traditional Broadway demographic.
The Company was co-founded by former viagogo executive Merritt Baer and private equity investor/entrepreneur Brian Fenty, both former Broadway producers. The new investment will advance product design, and allow for continued innovation in dynamic pricing, social integration and design. The Company will expand its operations internationally with a focus on regional theater partnerships and exclusive global ticketing alliances. In its first year, TodayTix sales have grown in excess of 50% monthly, and the Company's popular VIP Concierge service has become a beloved staple among theater audiences.
“Merritt and I built a product that appealed to us as theatergoers, theater lovers and theater producers,” says Brian Fenty, Chairman and co-founder. “We wanted to not only deliver ticket buyers a convenient, well-priced consumer experience, but also to offer productions a sustainable—and profitable—new audience. We are thoroughly excited to explore new territories and verticals, and to continue to deliver transparent and convenient access to the often misunderstood arts industry.”
“TodayTix is disrupting an established, historic industry with a truly exciting and innovative product” says Neil Wolfson, President of SF Capital. “The Company’s traction is impressive, and in ten short months, they have proven that the mobile space is the future for arts organizations of all kinds in defining their next-generation audiences. In 30 seconds or less, TodayTix will connect global arts audiences to a single, streamlined marketplace and we are excited to watch the company continue to scale its platform.”
TodayTix (Merritt Baer, CEO & Co-Founder; Brian Fenty, Operating Chairman & Co-Founder) is bringing Broadway and Off Broadway into the 21st century as the first mobile-only ticketing platform for theater, with its first class, easy-to-use app interface and exclusive concierge service. Offering an unparalleled customer experience by leveraging best practices from hospitality, venture capital and consumer brands, TodayTix caters to last minute ticket-buyers (approximately 40-50% of Broadway tickets are now purchased week-of) and customers seeking a simple, transparent, one-stop shopping experience for live theatrical events in New York City. TodayTix makes tickets available to a range of live theatrical events in New York City up to one week in advance, and at the best available prices (with one of the lowest convenience fees in the industry). Unlike traditional ticket-buying interfaces, purchases can be made in 30 seconds or less, with just a few taps. TodayTix utilizes enterprise-grade mobile and payments infrastructure built by Bluefin Payment Systems and PayPal.
In building a scalable platform for both venues as well as consumers, TodayTix has partnered with many New York institutions, including The Public Theater, New York City Center, Roundabout Theatre Company, The Atlantic Theater Company, Broadway’s On The Town and more. TodayTix also recently launched a popular referral program, through which theatergoers can share savings with their friends by providing them a $20 discount code on their first purchase, and receiving a $20 credit in return towards their next show.
SF Capital Group is a private investment firm representing the interests of a single family. The firm invests across all asset classes with a flexible, long-term investment focus. SF Capital focuses on both debt and equity transactions for private companies, as well as alternative investments such as hedge funds and private equity.
####
www.todaytix.com
www.twitter.com/todaytix
www.facebook.com/todaytix
www.oandmco.com
ww.twitter.com/oandmco
www.facebook.com/oandmco