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Eventful Secures $10 Million in Series C Funding from Telefónica and Existing Investors
Global Leader in Local Events Plans to Expand Sales and Marketing and Develop New Markets
SAN DIEGO – October 15, 2008 – Eventful, the leading service for discovering and promoting local events, today announced that it has raised $10 million from lead investor Telefónica and existing investors, Draper Fisher Jurvetson and Bay Partners.
Eventful will use the capital to extend its leadership position in the local events space through expanding sales and marketing, increasing its lead in the mobile channel and exploring international expansion opportunities.
Eventful’s international community of nearly 8 million registered users enjoys the world’s most comprehensive selection of local events through multi-channel programming including online, email, mobile and syndicated content. In addition to its online events search engine at www.eventful.com, Eventful engages users with over 40 million permission-based emails and 100 million widget views each month. Eventful’s unique Demand service is used by over 50,000 performers to connect with their fans and determine where to appear based upon local demand for events. Advertisers, strategic partners, venues and event promoters use Eventful to reach highly-targeted local consumers who share a passion for live events and entertainment.
“The strength and diversity of Eventful's business, along with the proven ability of its executive team to create technologies that attract millions of users, make Eventful precisely the sort of investment we look for,” said Russ Shaw, Telefónica’s Global Director of Innovation. “Eventful has established itself as the clear leader in local event services, which we believe offer tremendous opportunity for growth throughout the world.”
“This round of financing will enable Eventful to enhance our services to existing and new users throughout the world and achieve profitability," said Jordan Glazier, CEO, Eventful. "We’re pleased that DFJ and Bay Partners continue to share our vision of building a world-class company. Telefónica is an ideal partner with a great team and a global internet and mobile footprint. We look forward to working with Telefónica to explore opportunities which will cement our position as the leading local events service in the world."
“Eventful is achieving what very few companies succeed in doing, they’re taking a great consumer proposition and turning it into a successful business,” said Josh Stein, Managing Director at DFJ. “The management team and employees have done a great job with strategic direction and focused execution.
“Eventful has focused on and succeeded in building the largest global selection of events and a passionate, engaged base of nearly eight million users,” said Neil Sadaranganey, General Partner at Bay Partners. “The team is also succeeding in developing Eventful into a built-to-last profitable business. We’re excited to continue supporting and participating in the company’s future.”
About Telefónica S.A.
Telefónica S.A. (www.Telefónica.es) is one of the largest telecommunications companies in the world. Telefónica’s activities are centered mainly on the fixed and mobile telephony businesses with broadband as the key tool for the development of both. The company has a significant presence in 24 countries throughout Europe and Latin America, and a customer base that amounts more than 228 million accesses around the world. Telefónica owns Terra Networks, a global Internet media company who operates some of the most popular websites in the United States, Latin America and Spain.
About Eventful Inc.
San Diego-based Eventful, Inc. provides the leading service for discovering, sharing, promoting and creating local events throughout the world. Eventful’s community of users select from the world’s largest selection of local events taking place in markets across the globe, from concerts and sports to singles events and political rallies. Eventful provides multi-platform services to its users via www.eventful.com, email programs, mobile applications and content distributed through widgets and apps. Eventful’s Demand service enables users to influence where their favorite performers appear by creating viral grass-roots campaigns to “Demand” them in their town.
Article located at: http://eventful.com
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