After years of bootstrapping and organically growing his company, Vendini Founder and CEO Mark Tacchi has announced that his San Francisco ticketing outfit has raised $20 million in Series A funding from New York-based private investment firm Level Equity.
“I really tried to build this company from scratch,” Tacchi told Amplify. “My goal when I started Vendini was to create something that I could grow organically. Having started other companies that utilized VC funding, I saw that ultimately you pick one direction to go and you’re betting the farm on that direction. Instead of going that route, I wanted to have the luxury of time to build and strengthen our roots and understand the marketplace.”
Vendini was founded in 2001, a few years before the launch of rivals like Eventbrite, Ticketfly or AXS Tickets. Ticketmaster was the defacto ticketing solution in those days. “During that time, we figured out how we fit into the marketplace and how to build out our base system to fit into these venues,” he said. “We found this large mid-market segment that isn’t really addressed and now as one of the larger players in the space, we’ve positioned ourselves to fit into that part of the market.
Today, Vendini boasts about 4,000 venues across performing arts, festivals, live music, attractions and nightclubs. Tacchi said Vendini will use the financing to hire more engineers and tech talent. “Strategically we’ve been building out the offices and getting prepared for this,” he said, noting that the company has 165 employees at seven different offices including space in Los Angeles following its 2015 acquisition of CrowdTorch, which it’s relocating to the Promenade in Santa Monica.
Tacchi said Level Equity was a “great organizational fit” adding “it’s nice to be partnered with someone that’s excited about our business.”