A ticketing firm that got its start offering a modern alternative to the antiquated way Broadway theatergoers bought their discounted tickets has received a $73 million equity investment led by Great Hill Partners.expand into new markets and hire staff to improve personalization and discovery.
They formed TodayTix in 2013, thinking the theatrical ticketing world was ripe for disruption. The company raised a modest sum, $6.1 million initial funding round, from a group of backers including Union Square Hospitality Group’s Danny Meyer and United Talent Agency’s Jeremy Zimmer, and launched a mobile app for selling discounted and full-price theater tickets at the last minute.
“This work-around now has become an iconic part of our New York brand,” said Fenty. “In New York, only about 30% of tickets are sold that way. It’s become the high-touch finish to a high-tech process. There’s something beautiful about that.” These efforts appear to be paying off. TodayTix has sold more than $300 million in tickets, and 54% of the users are Millennials.Great Hill Partners’ managing partner, Michael Kumin, said his private equity firm has been watching the evolution of the ticketing space over the last decade and has seen competition emerge in sports and concert sales.