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Ticketfly Scores $12M In Funding

11:01 AM Tuesday 4/19/11 |   |

Ticketfly’s social media-based business plan gets another stamp of approval by landing $12 million in Series B funding, led by Mohr Davidow Ventures and existing investors, giving the upstart "social ticketer" a total of $15 million in capital raised.

The money is to be used for further product development, increasing marketing and sales staffs, and bringing Ticketfly to new markets.

And the participation by Mohr Davidow Ventures is significant in further connecting Ticketfly to artists and fans via social media while allowing venue and promoter clients to brand themselves with a white-label ticketing platform.

Mohr Davidow Ventures recently invested in RootMusic, which provides artists tools for customizing Facebook and other social media profiles with content including artwork, music, photos, videos, a concert calendar and more.

The second round of funding is a shot in the arm to Ticketfly, signifying investor confidence in the company that has grown from servicing a few clubs to hundreds of venues and promoters including the 9:30 Club, Merriweather Post Pavilion, Outback Concerts, Knitting Factory Entertainment, Monqui Presents, The Independent, Guerilla Union, Austin City Limits Live, the Troubadour and Brooklyn Bowl.

The financing comes soon after the company released several new features to its platform, including a database including more than 70,000 artist records and an integrated email marketing module that automatically populates with event data. The features are expected to make online event creation easier for venues and promoters, and more attractive to fans.

“Event ticketing is undergoing tectonic change – there is an appetite for better analytics and integrated technologies that drive the bottom line,” Ticketfly CEO Andrew Dreskin said in a statement. “It became clear early in our discussions with Mohr Davidow that they share our vision to bring more science and fan engagement to the world of event marketing and promotion.”

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