Reside occasions discovery platform Fever, which was final valued at $1.8 billion in 2023, has introduced it has secured one other $100 million-plus in fairness funding.
The most recent capital injection got here from non-public fairness companies L Catterton and Point72 Non-public Investments, together with “present buyers,” Fever stated in a press release on Wednesday (June 4).
These present buyers notably embody Goldman Sachs, which led a $227 million funding spherical within the firm in 2022 – what Fever known as “the most important ever” funding spherical for a reside leisure tech startup – in addition to a $110 million spherical in 2023, which gave the corporate its $1.8 billion valuation.
The corporate didn’t replace its valuation in its announcement of the newest funding spherical. Based mostly on information from Tracxn, the corporate has in whole raised $527 million in funding, when together with the newest spherical.
Based in 2014 by Pep Gomez, Ignacio Bachiller Strohlein, Francisco Hein and Alexandre Perez Casares, Fever runs unique occasions and directs its customers to live shows, festivals, nightlife, eating places and different points of interest, however it’s now focusing particularly on reside music and sports activities. The corporate stated the brand new capital will go in the direction of these two verticals, which have “gained important traction” over the previous yr.
Fever says its platform now has 200 million month-to-month customers and operates in 40 nations. Amongst its more moderen partnerships are indie promoters TCE Presents, Cercle Music and Final Tour, together with venues resembling London’s Clapham Grand and New York’s Brooklyn Storehouse, and festivals resembling Rock in Rio Lisboa, Primavera Sound, and Pitchfork Music Pageant.
The corporate stated it additionally gives ticketing and “demand technology” for sports activities organizations together with Actual Madrid and FC Barcelona, LIV Golf and the X Video games.
Fever stated it had a “outstanding” 2024, reaching 20-fold income development from pre-pandemic ranges and sustaining full-year constructive EBITDA. The corporate didn’t disclose particular numbers.
The corporate stated its involvement with Point72 opens up a chance to work with the New York Mets, whose proprietor, Steve Cohen, is Chairman and CEO at Point72.
“As legacy gamers wrestle to adapt, Fever is redefining the panorama, rising because the unbiased, innovation-led different in a market lengthy overdue for reinvention.”
Fever
“Fever will even leverage L Catterton’s deep client insights and look to unlock new alternatives to interact audiences by way of experiential advertising and branded occasions, consistent with the rising pattern of manufacturers leveraging reside experiences to strengthen buyer connections,” the corporate stated.
“As legacy gamers wrestle to adapt, Fever is redefining the panorama, rising because the unbiased, innovation-led different in a market lengthy overdue for reinvention.”Music Enterprise Worldwide
