Ticket marketplace TickPick raises $40M in its first institutional funding
TickPick was founded back in 2011, but it never raised any institutional funding — until now, with the announcement of a $40 million investment from PWP Growth Equity.
Brett Goldberg and Chris O’Brien (who were college roommates before founding TickPick together and serving as co-CEOs) said they created the site as a marketplace where users could bid for tickets. However, O’Brien admitted that this functionality — while still supported — has “fallen by the wayside quite a bit,” and that the core of TickPick’s identity is now the elimination all hidden fees.
To be clear, the service still makes its money from fees, but those fees are all incorporated into the price you see up front, rather than appearing as an unpleasant surprise right before you make your purchase.
Goldberg said that while other ticket marketplaces have tried to do something similar, they inevitably go back to the old model, largely because they’re trying to compete on price and “everyone’s assuming there will be fees tacked on at the end.” In his view, TickPick has been able to hold out because “it’s just so core to our brand and messaging” – and when the company has strayed from that vision
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