SeatGeek Raises $238 Million Privately After Canceling SPAC Deal

SeatGeek has raised $238 million privately from investors including Wellington Management after recently terminating a merger with a special-purpose acquisition company that would have taken the ticketing platform public, company officials said.

The funding round adds to a string of private investments in fast-growing, unprofitable startups at valuations that are lower than previously expected when the companies were exploring public listings. Many companies are seeking other ways to raise money after delaying their public listings during this year’s stock market volatility, which has hammered technology shares.