Fever, an eight-year-old “global live entertainment discovery platform,” officially raised $227 million in a funding round led by Goldman Sachs.
Fever, which is led by Spaniards Francisco Hein, Alexandre Pérez Casares and Ignacio Bachiller Ströhlein, unveiled the nearly $230 million seed round via an official statement this morning. (The latter professional is the company’s CEO, and Pérez Casares previously worked at Goldman Sachs and KKR.)
The Growth Equity division of Goldman’s asset management operation provided the lead investment in Fever, valuing the company at more than $1 billion. Since the “IRL” event platform’s previous surge three years ago, revenue has grown 10-fold, and the past half-decade has seen the company expand its presence from three to 60 cities, executives said .
Today’s round also attracted participation from Alignment Growth, Musical.ly investor Goodwater Capital and Epic Games backer Smash Capital. Additionally, apart from raising $227 million, Eurazeo, headquartered in Paris (RF on Euronext Paris) and 16-year-old private equity firm Vitruvian Partners, “also participated through a secondary investment. of an undisclosed amount”, according to the professionals involved.
Fever intends to invest the capital in the development and growth of its platform, which includes “proprietary technology to inspire its global community through personalized and curated experiences in their local city,” according to the post. ‘announcement.
On this front, the entity’s website allows users to select a city and then view and purchase tickets for a variety of upcoming (in-person) events. In New York, for example, events like “Original Fever” tribute shows for Taylor Swift and ABBA, all sorts of Valentine’s Day “date” options, and a stranger things experience (co-hosted with Netflix) are currently listed.
Addressing his company’s latest influx of capital in a statement, Fever CEO Ignacio Bachiller Ströhlein, in stark contrast to a number of digital experience advocates, noted the “newness of the metaverse” and touted the benefits of an “exciting and well-organized IRL.” events.”
“We are proud of our role in empowering experience creators to deliver memorable real-life experiences to millions of people around the world who seek to share unique moments,” said the former member of the McKinsey & Company team, Bachiller Ströhlein.
“Despite the challenges of the pandemic and the newness of the metaverse, there has never been a better time for exciting and well-organized IRL events. Fever and the amazing event creators who use our platform are well positioned to meet the zeitgeist,” he concluded.
Needless to say, Fever’s multimillion-dollar rise seems to indicate investor confidence in the imminent return to large-scale crowd events, including concerts and music festivals.
A substantial amount of capital has reached metaverse, virtual reality and livestream companies during the pandemic, but after several concert cancellations in 2021 (and amid an increase in ticket holder no-shows), it looks like 2022 could mark an all-encompassing comeback for live music.
From the long-awaited return of Coachella, to the slew of tours artists (and tourism-conscious countries) are planning, said return can’t come soon enough for members of the live entertainment space, which has suffered financial damage. unprecedented due to COVID closures and other restrictions.