San Francisco-based VenueNext has raised a $9 million Series A round of funding from Causeway Media Partners. Live Nation Entertainment, Twitter Ventures, Aruba Networks and other strategic investors also participated in the round. The company, which was incubated within the San Francisco 49ers organization and debuted at the team’s Levi’s Stadium last year, develops a mobile app that connects users with venue operations, such as ordering food within the stadium, as well as ticketing, parking services and using video replay. As part of the funding round, Mark Wan, managing partner at Causeway, has joined the company board. VenueNext said it is seeking clients outside of Levi’s Stadium. The company has raised a small amount of seed funding from the 49ers through the Aurum Partners, an investment firm owned by the York family, owner of the football team.
VenueNext Secures $9 Million Series A Financing Led by Causeway Media Partners with Participation from Live Nation Entertainment, Twitter Ventures and Aruba Networks
Technology Platform Debuted at Levi’s® Stadium, Home to San Francisco 49ers, Delivered Unprecedented Business Results and Improved Fan Experience; Will Use Funds to Scale to More Venues, including 30 planned deployments in 2015
San Francisco, CA – June 23, 2015 – VenueNext, a technology company on a mission to transform the way people around the world experience venues, today announced that it has raised $9 million in a Series A round of financing from Causeway Media Partners with participation from Live Nation Entertainment, Twitter Ventures, Aruba Networks and other strategic investors. Mark Wan, Managing Partner at Causeway will join VenueNext’s board as part of this financing round.
VenueNext’s technology platform debuted during the San Francisco 49ers first season at its brand new home, Levi’s® Stadium. The platform is unique in its ability to tie together isolated venue systems such as location services, ticketing, points of sale and concessionaire services to help venue operators make real-time, data-driven decisions, and then seamlessly surface these through a context-aware mobile app which has the following dual benefits:
Improves guest experiences: Guests are now connected to every amenity through one smartphone app, including mobile ticketing and access, in-venue way finding via Aruba Beacons, in-seat food, drinks and merchandise delivery, and more.
Improves venue business outcomes: Venue owners get access to real time data dashboards that enhance their operational precision and control, open up new revenue opportunities and provide cost savings over time.
“It has been an exciting run since September, where we have received unprecedented interest from all types of venues globally, from live sporting and entertainment event locations, to hotels, transit centers and theme parks,” said John Paul, CEO & Founder at VenueNext. “The market is ready for what we are offering, and we will use the funds to expand the team and deploy our proven approach to unifying systems to over 30 different types of venues alone in 2015.”
“VenueNext has established a strong first foothold in this market by developing a broad and flexible technology platform, and we are impressed with the team’s momentum since launch” said Mark Wan, Founder of Causeway Media Partners. “The company is well positioned to become the new technology standard for venues world-wide, and we look forward to working alongside them as they take advantage of this large market opportunity.”
VenueNext’s rollout at Levi’s® Stadium in the first season of 2014 delivered impressive results for the venue’s owner including:
- A sustained average app adoption rate of 30% (industry average is less than 5%) with 65% of season ticket holders linking their tickets to the Levi’s Stadium app
- A 5% reduction in food & beverage costs through better inventory management
- Levi’s® Stadium sold over $1.25 million in mobile in-app purchases of food, beverage, merchandise and parking
- Levi’s® Stadium expanded its unique visitor database from 17,000 to over 200,000
About VenueNext VenueNext is a technology company on a mission to transform the way people around the world experience venues. VenueNext’s platform unifies the venue infrastructure ecosystem giving venue owners access to an entirely new suite of sophisticated software tools and services that enhance business performance. VenueNext also develops context-aware smartphone apps that for the first time seamlessly connect guests with everything a venue has to offer. Founded in 2013, VenueNext is backed by Aurum Partners LLC and other funds affiliated with the owners of the San Francisco 49ers, Causeway Media Partners, Live Nation Entertainment, Twitter Ventures and Aruba Networks. VenueNext has offices in San Francisco, Silicon Valley and New York. VenueNext was named one of the top ten most innovative companies in sports by Fast Company in 2015 and the recipient of a 2015 Edison Award for Innovation. Please visit www.venuenext.com to learn more.