Founded in 2012, Automatiq enables ticket brokers in the secondary market to maximize revenue through a fully-automated ticket pricing technology. With the technology, brokers are able to increase their profits and spend more time growing their inventory instead of manually pricing tickets. Customers can choose to work with Automatiq in two ways: 1) licensing their software product, AutoPricer, and using internal resources to price ticket inventory across online exchanges or 2) outsourcing ticket pricing to Automatiq’s team of analysts.
Founder Sam Sherman got the idea for Automatiq from first-hand experience selling tickets on the secondary market. Immediately, he saw there was a lack of pricing technology, specifically pricing automation software.
According to Sam, “From the start of the business, we had early product/market fit. As we rolled out additional features, they were adopted very quickly. Because of that, I was able to bootstrap the business without having to raise outside capital. In our first year, we did over $1M in ad revenue. The next year, we did $4.6M. We were just growing really fast – organically.”
Sam and his team realized they had something – and they knew they needed a partner to conquer the next phase of growth. “That’s when we really started to explore opportunities. My CFO and I made a short list and we started to talk to people. However, from the first meeting with Volition Capital, it was clear that we had found the investor we were looking for.”