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Jump, the ticketing specialist founded by New York Yankees legend Alex Rodriguez and his business partner Marc Lore, has raised US$20 million in funding, according to Bloomberg.
Confirmed:
- Round was led by Forerunner Ventures and included investment from Courtside Ventures, Will Ventures and Mastry Ventures, MetaLab, and Drive by DraftKings
- Co-founders also contributed early funding
- Company specialises in ticketing services, as well as ecommerce and event experiences
- Platform set to offer dynamic ticketing, enabling users to upgrade seats during games
Context:
The latest investment takes Jump’s overall funding past US$30 million. The startup was founded in 2020 after the Major League Baseball (MLB) icon Rodriguez’s unsuccessful attempt to purchase the New York Mets, who were eventually acquired by Steve Cohen.
Coming next:
Jump will use the latest funding to expand its workforce, including hiring more engineers, to further develop its products.
The company will aim to exploit the US sport and music events ticketing market, amid ongoing fallout from Ticketmaster’s decision to cancel Taylor Swift ticket sales to the general public, which has prompted a legal battle.
Since Ticketmaster merged with Live Nation to form Live Nation Entertainment in 2010, the joint company has dominated this space until recently.
