Callaway Golf Reports Mixed Q2 Results CDI Reports Record Quarterly Revenue Providence Equity, WPP Eye $547M Chime Takeover DraftKings Closes On $300M Series D Round DraftKings To Close VC Funding In Coming Weeks FanDuel Closes On New VC Financing Cuban Among Group Raising Funds For Unikrn Nike Sees Sales Rise 4.8% In Q4 Sources: MLBAM Eyes IPO For Non-Baseball Division VenueNext Gets $9M In New Financing
Veritix Secures $100M Credit From Rockbridge Growth Equity
Published November 11, 2010
Ticketing outfit Veritix has secured a five-year $100M credit facility from Michigan-based private equity firm Rockbridge Growth Equity to help fund the company's growth strategy. The creation of the line of credit essentially involves Cavaliers Owner Dan Gilbert using one of his ancillary businesses to help support another one of his ventures. In particular, the money is being eyed to help Veritix sign new team and venue ticketing deals through upfront cash advances, now a common practice in the ticketing industry. "This definitely makes us more competitive and levels the playing field between us and our competitors," said Veritix President Jeff Kline. "It also clearly shows the confidence of Dan and Rockbridge in the company, and in our technology."