Online ticketing firm ShooWin has secured significant capital raise to acquire inventory.
ShooWin is an online sports ticket marketplace where fans purchase guaranteed reservations for face value tickets to championship games in professional and collegiate sports, including the NFL, NCAA Football, NBA, NCAA Basketball, NHL, and MLB.
The terms of the investment were not disclosed except that part of the invested capital includes dedicated funds to purchase tickets, which reinforces the company’s unique value proposition to ticket rights holders.
Coupled with the acquisition of a portfolio of patents, this investment positions ShooWin for accelerated growth in the second half of 2018 and into 2019.
“We are excited to have finalised our fundraising efforts. This new capital positions the company for rapid expansion. It will not only provide sports fans with an even wider variety of reservations to the most sought-after playoff and championship games, but also confirms to our partner teams, leagues, and conferences the stability and creativity of the ShooWin ticket marketplace. In particular, we are very excited about the ticket fund as it demonstrates another way that ShooWin stands apart,” said David Lane, chief executive of ShooWin.
ShooWin reportedly had its best performing year in 2017 and projects to increase revenue by over 500 per cent in 2018. According to Statista, 2018 sports events ticketing revenue is expected to be $4.4bn, up 10 per cent from 2017, and growing to $5.8bn in 2022
Gavin Cuneo, who led this investment round, will serve on ShooWin’s Board of Directors.
He said: “The incredible appetite of sports fans to spend on experiences has driven significant growth in the primary and secondary ticket markets. ShooWin’s patented ticket reservations platform creates a significant opportunity for rights holders and we’re delighted to be partnered with David and the ShooWin team.”