SeatGeek

SeatGeek

What it does: Predicts prices of event tickets
Founders: Russell D’Souza, 25, and Jack Groetzinger, 25
Website: seatgeek.com
Based: New York

In September 2009, Russell D’Souza and Jack Groetzinger launched SeatGeek to help fans predict the prices of sports tickets on the secondary market, much the way Bing Travel (MSFT) forecasts price changes for flights. The pair, who graduated from Dartmouth College in 2007 after founding two other startups together, were huge fans of Boston sports teams and felt they were paying too much to secondary ticket sellers such as StubHub. They created an algorithm to forecast movements in ticket prices on secondary market sites, weighing such factors as team performance, weather, venue, and ballpark promotions. SeatGeek aggregates listings from more than half-a-dozen sites at which people can sell extra tickets. These sites pay a commission of 9 percent to 14 percent when a customer comes through SeatGeek. Consumers at both ends—those listing tickets for resale and buyers—pay no additional charges. To date, the 12-employee New York startup has raised $1.5 million from angel investors and early-stage venture capital firms. SeatGeek had under $50,000 in revenue in its four months of operation in 2009 and expects to reach around $1 million to turn a profit by the end of 2010. —LH