New York based Broker Genius, developers of dynamic ticket pricing technology has secured a $15 million Series A round of funding from Boston-based growth equity firm Volition Capital. Broker Genius offers pricing automation technology in the live event secondary market.
The travel industry uses similar technology to price flights and hotels rooms. To date, Broker Genius technology has priced over $2 billion in entertainment and sports ticket inventory.
The new funding will support additional product development. Advancements in the technology will enable ticket resellers to augment data with qualitative variables. For a sports team that might mean factoring in the opposing team, starting pitchers, weather, and standings.
“It has been an exciting period in our history,” said Broker Genius CEO and founder Sam Sherman. “The future of Broker Genius relies on constant innovation which is centered increasingly around big data and machine learning. Volition Capital’s investment will allow us, among other things, to continue investing in data science so we can more accurately forecast market trends and behaviors.”
To accommodate their customers’ around the clock needs, Broker Genius recently opened two new offices. The Reno, Nevada location will expand support and pricing coverage, while the Barcelona, Spain office will continue to optimize the product, making it more stable, versatile, and faster than ever before.