Live events discovery platform Fever, which was last valued at $1.8 billion in 2023, has announced it has secured another $100 million-plus in equity funding.
The latest capital injection came from private equity firms L Catterton and Point72 Private Investments, along with “existing investors,” Fever said in a statement on Wednesday (June 4).
Those existing investors notably include Goldman Sachs, which led a $227 million investment round in the company in 2022 – what Fever called “the largest ever” investment round for a live entertainment tech startup – as well as a $110 million round in 2023, which gave the company its $1.8 billion valuation.
The company didn’t update its valuation in its announcement of the latest funding round. Based on data from Tracxn, the company has in total raised $527 million in funding, when including the latest round.
Founded in 2014 by Pep Gomez, Ignacio Bachiller Strohlein, Francisco Hein and Alexandre Perez Casares, Fever runs exclusive events and directs its users to concerts, festivals, nightlife, restaurants and other attractions, but it is now focusing specifically on live music and sports. The company said the new capital will go towards those two verticals, which have “gained significant traction” over the past year.
Fever says its platform now has 200 million monthly users and operates in 40 countries. Among its more recent partnerships are indie promoters TCE Presents, Cercle Music and Last Tour, along with venues such as London’s Clapham Grand and New York’s Brooklyn Storehouse, and festivals such as Rock in Rio Lisboa, Primavera Sound, and Pitchfork Music Festival.
The company said it also provides ticketing and “demand generation” for sports organizations including Real Madrid and FC Barcelona, LIV Golf and the X Games.
Fever said it had a “remarkable” 2024, reaching 20-fold revenue growth from pre-pandemic levels and maintaining full-year positive EBITDA. The company didn’t disclose specific numbers.
The company said its involvement with Point72 opens up an opportunity to work with the New York Mets, whose owner, Steve Cohen, is Chairman and CEO at Point72.
“As legacy players struggle to adapt, Fever is redefining the landscape, emerging as the independent, innovation-led alternative in a market long overdue for reinvention.”
Fever
“Fever will also leverage L Catterton’s deep consumer insights and look to unlock new opportunities to engage audiences through experiential marketing and branded events, in line with the growing trend of brands leveraging live experiences to strengthen customer connections,” the company said.
“As legacy players struggle to adapt, Fever is redefining the landscape, emerging as the independent, innovation-led alternative in a market long overdue for reinvention.”Music Business Worldwide
