TICKETLEAP SECURES $2 MILLION INVESTMENT
MentorTech Ventures, Ben Franklin Technology Partners invest in online event ticketing company
Philadelphia, PA – July 22, 2008 – TicketLeap.com, which allows anyone, anywhere to easily sell tickets online, announces the closing of a $2 million Series A venture capital round. The additional funds will allow the company to implement several recently-signed business development deals, make important new hires, and continue investments in technology and marketing. The investment group was led by MentorTech Ventures, Ben Franklin Technology Partners of Southeastern Pennsylvania, and others.
“For this step, it was critical that we obtain not just funding, but expertise and relationships to help grow this business to the scale we envision,” said Christopher Stanchak, Founder and CEO of TicketLeap. “MentorTech, which backed successful firms such as NEAT Receipts, Yodle, and Diapers.com, is ideal for the national push, and Ben Franklin Technology Partners has simply the best resources in the Delaware Valley.”
“We evaluate companies like TicketLeap every day, and rarely spot this combination of a large underserved market, a strong business plan to meet that need, and the core management and technology in place to properly execute,” said Michael Aronson, Managing Director of MentorTech.
TicketLeap was founded in 2003, when Christopher Stanchak, a former technology manager, spotted an opportunity in ticketing solutions for smaller events and grassroots activities. He built the original TicketLeap application and business from the ground-up, part-time, with the assistance of family, friends, and the Venture Initiation Program at The Wharton School of the University of Pennsylvania, where he was a student. By 2007, the concept was proven, the business was cash-flow positive, and an angel investment allowed him to focus on expansion full-time.
For More Information
Meg Havern, Corporate Manager
TicketLeap, Inc.
215-525-1300 x103
PR@ticketleap.com
About TicketLeap.com
TicketLeap.com is an online event ticketing solution designed for small to medium sized events and organizers. TicketLeap requires no special hardware, software, or contracts, and is free and simple to setup online. Over 2,500 clients from Florida to Alaska are already using TicketLeap to sell tickets online for their events. Consumers use any major debit or credit card to purchase event tickets in a secure environment, and receive their personalized ticket via email. TicketLeap is ideal for any event or venue manager who wants to reduce administrative burden, improve revenue controls, and enhance customer convenience.
About MentorTech Ventures
MentorTech Ventures invests in information technology, marketing technology, and medical device companies with a focus on those companies with a connection to the University of Pennsylvania. The firm targets seed- and early-stage investments, but will opportunistically explore later stage investments. MentorTech typically invests in Philadelphia-based companies, but also makes selective investments outside Philadelphia where it co-invests with other venture firms. The firm seeks to lead the first round of investment as well as significant and influential ownership stake in its portfolio companies. MentorTech Ventures is based in Philadelphia, Pennsylvania.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Celebrating its 25th anniversary, BFTP/SEP is the region’s catalyst for Stimulating Entrepreneurial Potential. Ben Franklin invests in innovative enterprises and creates commercialization pathways that generate wealth through science and technology. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses with the Capital, Knowledge and Networks to compete in the global marketplace. BFTP/SEP has provided more than $130 million to grow more than 1,600 regional enterprises. BFTP/SEP is a founding partner of The Nanotechnology Institute™ (NTI), Mid-Atlantic Nanotechnology Alliance (MANA®), Emerald Stage2 Venture Fund and the Minority Angel Investor Network. BFTP/SEP is part of the Commonwealth of Pennsylvania’s Ben Franklin Technology Partnership.