GIC acquires over 5% in event management firm Eventbrite

Singapore sovereign wealth fund GIC has acquired a 5.05% stake in US-based event management and ticketing website Eventbrite, a filing with the Securities and Exchange Commission showed.

As part of the transaction, GIC picked up a total of about 3.81 million shares. Around 3.74 million of those shares have sole voting power, while 75,000 of them have shared voting power with the Monetary Authority of Singapore (MAS).

Eventbrite shares on Monday closed at $16.83, up from $9.91 a year ago (August 16,2020) but down from its 2021 peak of $25.81 in March.

The company reported a net loss of $20.5 million in the second quarter of this year as against $38.6 million in the same quarter last year. Its net revenue stood at $46.3 million, up 450% from $8 million in the same period last year.

The company said in its outlook that it expects paid ticket volume and net revenue to be higher in the third quarter of 2021 than in the same period last year, although it expects month-to-month paid ticket trends to be more variable based on the potential impact of COVID variants.

Among GIC’s recent deals, the Singapore SWF announced an increase in its stake in IDX-listed Bukalapak to 11% following an investment of 1.4 trillion rupiah ($95 million) into the e-commerce platform that went public earlier this month. In July, online travel portal ixigo had raised about $53 million through a combination of primary and secondary issuance of shares led by GIC. In the same month, GIC announced its investment in US-based Qmerit, a green energy firm that installs electric vehicle (EV) charging stations in residential and fleet areas. GIC also acquired an undisclosed minority stake in Brazilian biological agricultural inputs company Biotrop Solucoes Biologicas.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.