Gametime raises $30M to support last-minute ticket purchasing
Gametime, an event ticketing app specializing in last-minute purchases, raised $30 million in a series C round, CEO Brad Griffith says.
Why it matters: Gametime's revenue collapsed during lockdown, and it underwent massive layoffs. Now as "revenge travel" and a desire for experiences surges, the company is getting back on track.
Details: Nimble Ventures led. Participants included Maven Ventures, Accel, GV, Jeff Mallett, Palapa Ventures, Bolt Ventures, Tenere Capital, Blitzscaling Ventures, Next Play Capital, Alumni Ventures, University Growth Fund and other individual investors.
- Gametime has raised $81.3 million to date.
- Griffith declined to disclose its valuation. He says Gametime is projected to reach $500 million in annual gross merchandise value sales, which is twice what it was in 2019.
Flashback: Gametime was founded in 2013 and strived to make a ticketing app that better catered to a younger audience that tends to make spontaneous purchases via their phones.
- Griffith says his team went from 116 to 36 employees during the pandemic. Its revenue was down 94% for March to December 2020 compared to the same months the year prior.
- "It's been quite an adventure. I used to call it a roller coaster, but that's passive. It's more an adventure where you're trying to get through the jungle, and it has been a very thick jungle for a very long number of months now, but now we're back in a way that is really exciting," Griffith says.
What's next: Gametime now has 117 employees and plans to grow the team by 30% this year.
- The new funding will be put toward product improvements and marketing.
The bottom line: "Gametime aims to connect the world through shared experiences, and I can't think of a more important time to do that than post-lockdown," Griffith says. "I think what we're really seeing is a mad dash in live entertainment after being alone."