Mobile App Developer TodayTix Acquired $9 Million in Series B Funding
TodayTix is a mobile app developer which provide users last minute ticket to Broadway and other theater performances. The company has scored its Series B Funding on Wednesday.
Founded in 2013 by Merritt Baer and Brian M. Fenty, who were Broadway producers and veteran ticketing. TodayTix provides its users with insider access to last-minute tickets for New York's Broadway theater shows from the mobile device.
Previously purchasing a discount tickets to Broadway was a very exhausting process and time consuming. Using its expertise in theater industy, the company is able to provide both discounted and full price tickets on Broadway and other theaters. As for now, the company has provided ticketing for theater in four U.S. cities of Chicago, San Fransisco Bay Area, Los Angeles and also London.
Yesterday, the company announced to receive a $9 million Series B round. The funding was led by Walden Venture Capital and TYLT Ventures, with participation from existing investors and influential leaders in the theater and entertainment industry. Some of prominent names in the list are Jeremy Zimmer, Danny Meyer, Ryan Rockefeller and Scott Birnbaum.
Managing Director of Walden Venture Capital Art Berliner told PE Hub Network, "The global theater market is a $50 billion dollar industry that's been virtually untouched by technology or innovation, until TodayTix came along."
With its technology, TicketTix has successfully reached a previously untouched market of milennials and younger people. Furthermore, Berliner said, "We've seen how the TodayTix team has single-handedly broadened the appeal of theater to a younger audience that will grow with their business through its emphasis on mobile and social, and are excited to help facilitate the reinvigoration of such an iconic market sector with technology."
"We are focused on attracting a millennial audience that might find theater inaccessible," Brian M. Fenty told New York Times. "People think the theater industry is very small and cottage, but it's a large business that we thought was ripe for innovation."
TodayTix also reported that its users base has reached more than 1 million. As of December last year, 91% of its users reported to see more shows because of TodayTix. While more than 45% of customers see three additional shows a year and 54% repeat orders.
"As theater lovers and producers, Brian and I experienced the frustrations of traditional methods of both buying tickets as consumers, and selling tickets for our shows," Merritt Baer, CEO and co-founder told Business Wire. "Simultaneously, we found ourselves in the midst of a mobile revolution where mobile apps became the go-to platform for virtually everything in consumers' lives."
TodayTix has secured a $9 million Series B funding. The investment enable the company to continue develop its system and leading the theater ticketing industry, and continue its innovation, expansion and marketing effort.