Seatwave Secures $25 Million in Series C Funding

Mon Feb 11, 2008 8:00am EST

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Fidelity Ventures leads third round in Europe's #1 ticket exchange
BOSTON--(Business Wire)--
Seatwave, Europe's largest fan-to-fan ticket exchange - an online
marketplace for buying and selling tickets for theatre, sports, music
and other live events - today announced it has raised $25 million in
Series C funding led by Fidelity Ventures. They are joined by existing
investors Atlas Venture, Mangrove Capital Partners and Adinvest.

   Commenting on the investment, Simon Clark, partner at Fidelity
Ventures said "Through our experience in investing in and working with
emerging online marketplaces such as Alibaba and Prosper, we have
built a solid understanding of what it takes to become category
leaders in this sector. We are convinced that Seatwave's strong
management team and solid business fundamentals, combined with our
global network of business and IT executives, positions the company to
continue to lead the secondary ticket market in Europe."

   The company was launched in 2007 by Joe Cohen, Seatwave's Chief
Executive Officer, who formerly held senior executive positions in the
international businesses of Ticketmaster and Match.com, global brands
owned by IAC/InterActiveCorp (NASDAQ: IACI). The $25 million injection
of funding comes as Seatwave cements its leadership position in the UK
secondary ticketing market demonstrated by having over 500,000 tickets
available for sale and being the most-trafficked ticket exchange
website in the UK.(1) In 2007, Seatwave customers listed more than 1.7
million tickets for events in no less than 38 countries on its site.
The funds raised will be used to replicate this success across Europe.
Seatwave launched ticket exchanges in Germany, Holland, Spain and
Italy during the last quarter of 2007.

   The company has expanded rapidly by offering fans of live events a
secure and transparent environment in which to buy and sell tickets.
Its strong customer protection measures have also attracted a host of
partners including MSN, Associated Newspapers, the Kaiser Chiefs,
London Irish Rugby Club, Time Out and Channelfly among many others.

   The secondary ticketing market has been heating up with a spate of
M&A activity which has seen Stubhub, TicketsNow and GetMeIn snapped up
in the last 12 months by eBay and Ticketmaster. The emerging online
marketplace is changing the way fans buy and sell tickets as well as
offering artists and rights holders the opportunity to generate a
significant, new revenue stream. It is currently estimated to be worth
around $1.9 billion in the UK alone, and $6.8-9.7 billion Europe
wide(2).

   Commented Cohen: "We're delighted to be able to announce a further
investment of $25 million in our business and to have found new
investors who value our global vision and our ability to execute that
vision. It's also gratifying to receive the endorsement of our
existing investors in their increased support of Seatwave. We are
passionate about offering fans the largest marketplace for tickets to
the events they love; this funding will help us offer that service to
more fans, for more events in more countries."

   Sonali De Rycker, Partner at Atlas Venture added: "As the founding
investor in Seatwave, we have been witness to the company's explosive
growth in a very short time frame. Recent exits in the space have
legitimised the value of secondary ticketing players and are a great
sign of things to come. With this funding, the company has the
resources it needs to achieve its vision of building a very valuable
category leader."

   Mark Tluszcz, Managing Partner at Mangrove Capital Partners
commented: "Seatwave offers consumers the choice and level of service
one expects from world class companies. By focusing on these values in
the secondary ticketing market they have made their competitors look
outdated and out of touch with consumer expectations."

   Notes to Editors

   About Seatwave

   Seatwave is the UK's largest fan-to-fan ticket exchange, an online
marketplace for buying and selling tickets for theatre, sports, music
and other live events. The company was launched in February 2007 by
Joe Cohen, ex Ticketmaster and ex match.com and early stage Venture
Capital firm, Atlas Venture. Seatwave has more than 500,000 tickets on
sale at any one time, 25 times more than eBay.

   Seatwave guarantees that tickets come only from legitimate sources
and will represent them accurately and honestly. Seatwave operates two
types of customer protection. TicketintegrityTM guarantees that buyers
will receive the tickets they ordered and in good time for the event.
If not Seatwave refunds 150% of what was paid. All tickets bought on
Seatwave are also covered by TicketcoverTM. This provides for a full
refund if an event is cancelled and even covers buyers for a range of
circumstances that may prevent them from attending their performance.
The company is based in London. www.seatwave.com

   About Fidelity Ventures

   Fidelity Ventures invests in technology companies ready to enter
the market and those poised for the next phase of growth. Its 40-year
track record includes hundreds of successful investments in the
consumer, communications, systems and software markets. Fidelity
Ventures is distinguished by the ability to accelerate market adoption
for its portfolio companies' offerings and by a global network of
senior technology and business executives. Fidelity Ventures actively
manages over $800 million from offices in Boston and London. For more
information, please visit: www.fidelityventures.com.

   About Atlas Venture

   Atlas Venture is a leading early-stage venture capital firm that
invests in technology and life sciences companies. Since inception in
1980, Atlas has helped build over 300 companies in more than 16
different countries. In the past decade, 44 portfolio companies have
been acquired and 47 are now public companies with an aggregate market
capitalization of over $15 billion. The firm is currently investing
from its seventh fund and manages over $2.5 billion in committed
capital. For more information, please visit www.atlasventure.com.

   About Mangrove Capital Partners

   Mangrove Capital Partners provides venture capital with a punch to
entrepreneurs looking to build world class companies. Our mission is
to help turn visions into realities by providing financing, thoughtful
advice, relevant experience and deep industry relationships to our
portfolio companies. Mangrove has invested in, among others, the
following companies: Skype (www.skype.com), Lumension
(www.lumension.com), Woome (www.woome.com), Nimbuzz (www.nimbuzz.com),
Properazzi (www.properazzi.com), Zlio (www.zlio.com) and Jamendo
(www.jamendo.com).

   (1) Source: Hitwise, December 2007.

   (2) Dow Jones News

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