Online ticketing service Eventbrite raises $60 million at $1 billion valuation, likely delaying IPO

March 18, 2014 Leave a comment

Eventbrite raises $60 million, likely delaying IPO

3:30pm EDT

SAN FRANCISCO (Reuters) – Online ticketing service Eventbrite said it had raised $60 million in financing from Tiger Global and T. Rowe Price, damping expectations that Eventbrite might hold an initial public offering this year.

Tiger Global, the investment fund perhaps best known for hedge funds, and mutual-fund giant T. Rowe Price (TROW.O:Quote, Profile, Research, Stock Buzz) approached the company recently about boosting their existing investment, an Eventbrite spokeswoman said. The duo had previously invested $60 million in Eventbrite in April 2013.

“We recognize the importance of having an appropriate level of invested capital to execute our growth strategy and control our destiny,” the spokeswoman said in an email. Including the latest round, Eventbrite has raised $200 million in equity since its 2006 founding.

Fortune, which originally reported the latest financing, said the cash injection valued Eventbrite at $1 billion, which the spokeswoman said was “directionally correct.”

No other investors participated in the round, whose proceeds all went directly to the company rather than cashing out existing investors.

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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