Eventbrite raises $60 million, likely delaying IPO

SAN FRANCISCO Thu Mar 13, 2014 3:30pm EDT

Kevin Hartz, co-founder and chief executive of Eventbrite, speaks during Reuters Global Technology Summit in San Francisco, June 18, 2013. REUTERS/Stephen Lam

Kevin Hartz, co-founder and chief executive of Eventbrite, speaks during Reuters Global Technology Summit in San Francisco, June 18, 2013.

Credit: Reuters/Stephen Lam

Related Topics

SAN FRANCISCO (Reuters) - Online ticketing service Eventbrite said it had raised $60 million in financing from Tiger Global and T. Rowe Price, damping expectations that Eventbrite might hold an initial public offering this year.

Tiger Global, the investment fund perhaps best known for hedge funds, and mutual-fund giant T. Rowe Price (TROW.O) approached the company recently about boosting their existing investment, an Eventbrite spokeswoman said. The duo had previously invested $60 million in Eventbrite in April 2013.

"We recognize the importance of having an appropriate level of invested capital to execute our growth strategy and control our destiny," the spokeswoman said in an email. Including the latest round, Eventbrite has raised $200 million in equity since its 2006 founding.

Fortune, which originally reported the latest financing, said the cash injection valued Eventbrite at $1 billion, which the spokeswoman said was "directionally correct."

No other investors participated in the round, whose proceeds all went directly to the company rather than cashing out existing investors.

(Reporting by Sarah McBride; Editing by Diane Craft)

FILED UNDER: