Dealflicks Premieres with $1.7 Million SeedMonday, July 21, 2014
Dealflicks, which calls itself the the Priceline for movie theaters, has raised $1.7 million in seed funding.
Investors included 500 Startups, Wavemaker Partners (formerly Siemer Ventures), Archer Gray, Rubicon VC, Wefunder, Be Great Partners, Rosepaul Investment, Mogility Capital, Sierra Maya Ventures and Warner Brothers’ Media Camp. The round also had a number of angel investors, including Amplify L.A.’s Richard Wolpert.
Dealflicks relocated to Miracle Mile from Oakland in late 2013 after completing a Warner Brothers accelerator program that helps media-related tech businesses. The company partners with theaters to fill empty seats by offering discounted movie tickets and concessions for up to 60 percent off. Co-founder Sean Wycliffe said 88 percent of movie theater seats go empty, and after opening weekend, the rate rises to 95 percent.
Dealflicks has contracts to offer deals at more than 400 locations nationwide and is looking to scale by going international by early next year. The startup also hopes to dramatically develop its tech by eventually offering dynamic pricing.
“We’re trying to get into dynamic pricing where the price would fluctuate based off of the day of the week, time of the day, how well the movie has been doing or how long has the movie been out,” Wycliffe said. “Things like the weather could even factor. If it’s terrible outside, the price will go down a bit.”