TiqIQ announced that it has secured $1.7 million in a new financing round led by Stonehenge Growth Capital. Azoic Ventures and MediaMath also contributed to the funding, according to VentureBeat.
To date, TiqIQ has raised around $3.5 million in funding since it was founded in 2009, the report added.
The New York-based firm licenses its ticket data to 35 sports teams including the Los Angeles Kings, the University of Oregon's Ducks, and the New York Yankees. Teams use TiqIQ's data product to determine the best ticket prices for the items they currently have. The tickets are then sold to fans based on the data gleaned.
In an interview with VentureBeat, TiqIQ founder Jesse Lawrence explained: "If they're calling a season ticket subscriber and saying, 'Hey, we want to renew your season tickets,' they'll use this data to kind of help you understand what kind of value they can recoup on the market by selling those tickets."
TiqIQ will use the capital infusion to add more features to its data products. The company is planning to add ways to predict ticket prices and availability based on different factors such as weather and rival team's strength. The firm will also develop its e-commerce division, VentureBeat reported.
Join the Conversation