A venture arm of Raptor Group, based in Boston, said it led a $3.5 million investment in Ticket Evolution, a New Jersey company that sells event-ticketing systems.
Ticket Evolution sells such systems to brokers who resell tickets to concerts and other events online, often at large markups. The Jersey City company said it currently works with more than 475 brokerages nationwide, and intends to double that number by the end of 2013.
The venture group, Raptor Accelerator, is part of hedge fund manager James Pallotta's Raptor Group. Pallotta's investment group, which restarted in 2009 after spinning out of Tudor Investment Group, reported $621 million in assets in January, according to a regulatory filing.
Boston-based Dace Ventures also participated in the deal.
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