Starting off the new year with a new investment, online movie ticketing company Fandango cut right to the chase with a new $15.3 million investment from Palo Alto, Calif.-based Technology Crossover Ventures.
Santa Monica, Calif.-based Fandango, which recently did a marketing deal with retail operation Buy.com and e-commerce outsourcer United Commerce Service, also said that Technology Crossover founding general
partner, Jay Hoag, has been named to its board of directors.
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The privately held ticket company will use the money to extend alliances with studios and exhibitors and expand services such as print-at-home ticketing, priority seating and express concessions at the theater.
Fandango.com CEO Art Levitt was quoted as saying that the company is debt- free and is generating "sustainable, positive cash flow."
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Fandango, which competes with AOL's Moviefone, also has investments from Accretive Technology Partners, General Atlantic Partners and many of those in Fandango's exhibitor partner/owner group, including Carmike Theatres, Century Theatres, Cinemark Theatres, Edwards Theatres, Loews-Cineplex Entertainment and Regal Cinemas.
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Technology Crossover Ventures is a $2.5 billion fund that invests in technology companies.
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