NEW YORK — TodayTix, the mobile app that provides on-demand access to the best prices on last-minute theater tickets, has received a $9 million Series B round of funding co-led by Walden Venture Capital and TYLT Ventures, with participation from existing investors and influential leaders in the theater and entertainment industry.
The company also revealed the growth of its user base to more than one million users since launching in December 2013.
This investment will enable TodayTix to remain at the forefront of the theater ticketing industry by investing in product innovation, technology, geographic expansion and marketing.
TodayTix quadrupled its sales and user base from the same time last year and now sells an average of two tickets per minute worldwide, providing users with a seamless, streamlined ticket buying experience across six markets: New York City, London, San Francisco Bay Area, Los Angeles, Washington DC and Chicago. Ninety-one percent of TodayTix users report seeing more shows due to TodayTix, with over 45 percent of customers seeing at least three additional shows per year; additionally, 54 percent of transactions are made by repeat customers (December 2015).
“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,” said Merritt Baer, CEO and co-founder of TodayTix. “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.”
“We realized that without a convenient mobile ticketing solution for theater, the form of entertainment we both grew up loving might not survive the on-demand generation,” added Brian Fenty, chairman and co-founder of TodayTix. “Today, we’re selling four percent of all Broadway tickets, bringing a new, millennial audience to theater that’s 12 years younger than the average theatergoer, and connecting the global theater community through TodayTix.”
In addition to Walden Venture Capital and TYLT Ventures, TodayTix’s Series B round was supported by influential leaders in the theater and entertainment industries including CEO of United Talent Agency Jeremy Zimmer and former CEO of BSkyB and NetJets Europe Mark Booth. Existing investors who also participated in the round include: Rubicon Venture Capital; SF Capital Group; Union Square Hospitality Group CEO Danny Meyer; New York Islanders Owner Jon Ledecky; Sweetgreen Co-founder Nicolas Jammet; and Twitter Senior Director of Corporate Development & Strategy Jessica Verrilli.