SeatGeek raises $238 million in private funding

Yahoo Finance anchors discuss news that SeatGeek raised $238 million after spiking its SPAC deal.

Video Transcript

[AUDIO LOGO]

BRIAN SOZZI: All right, SeatGeek is seeking private funding after terminating its SPAC merger. The ticket seller raised $238 million from investors, lifting the company's valuation to about $1.2 billion. Still slightly below its value-- slightly below its valuation of $2 billion for the proposed SPAC deal.

Now, my takeaway is this, Brad, it's good to see somebody raising money in this type of environment where it's hard to find funds. Good for them.

BRAD SMITH: They-- I mean, they said within this release that the pandemic has fundamentally changed the way people think about how they want to spend quality time outside of their homes. Of course, SeatGeek is one of the natural apps that you go within. I mean, I'm always searching within StubHub, SeatGeek, and all of the platforms to see who has the best prices. Vivid Seats as well, another one that had come about as well.

But for SeatGeek, at least this investment is now put them into unicorn status, too. And so even if they do, perhaps, one day decide to go public, whatever route that may be--

[BUZZER BUZZING]

--that they will have that unicorn annexation and perhaps get a little fanfare.

BRIAN SOZZI: Always good to get it.