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Viagogo Secures $15M In Funding; Agassi, Graf Sign On As Investors
Published February 5, 2009
Secondary-ticketing company Viagogo has secured $15M of additional funding to support its global expansion efforts. Former ATP Tour player Andre Agassi and Int'l Tennis HOFer Steffi Graf are among the new investors contributing to the funding (Viagogo). Viagogo said that Agassi and Graf "have invested a seven figure sum" and "will sit on the advisory board" (REUTERS, 2/4).
Viagogo Feels Graf (l), Agassi (r) Can Help
Company Expand Into European Markets
PRICE CHECK: The WALL STREET JOURNAL's Ty McMahan cited a source as saying that the new funding "values Viagogo at more than $300[M]." McMahan noted Viagogo charges buyers a 10% fee and sellers a 15% fee on each confirmed transaction and handled $100M in transactions in '08. Baker "expects total sales to double or triple this year, though he didn't provide specific figures." Baker said that the company "was on a clear path to profitability without the extra funding, but wanted to push into new markets, particularly Western Europe" (WSJ.com, 2/4).