SeatGeek raises $238 million privately after ditching going public via SPAC

Ticketing platform SeatGeek announced today that it had raised $238 million privately as part of a Series E funding round. The company has a valuation of $1 billion, according to the release. Long-time investor Accel led the funding with participation from investors Wellington Management, Arctos Sports Partners, and Ryan Smith, founder of Smith Entertainment Group and founder and executive chairman of Qualtrics.
The news comes after the company terminated a SPAC (special-purpose acquisition company) deal with blank-check company RedBall Acquisition Corp that would have taken SeatGeek public.
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