Live-entertainment discovery platform Fever has raised $227 million in a round led by the Growth Equity business within Goldman Sachs Asset Management.
The round, which the firm claims is “the largest ever for a live-entertainment tech startup”, values the company at over $1 billion.
Fever says that its new investment “builds on the increasing demand for real-life experiences – in a world where most of the conversation is around digital entertainment or the Metaverse”.
Other investors joining Goldman Sachs include Alignment Growth, an investment firm focusing on global entertainment and consumer tech, led by former Warner Bros, Time Warner, and investment banking executives.
Meanwhile, other co-investors participating in this round are Goodwater Capital, and Smash Capital (a late-stage venture capital firm led by former Disney and growth equity investors, and backer of Epic Games).
In addition to the announced primary financing of $227 million, Eurazeo and Vitruvian Partners have also participated through a secondary investment of an undisclosed amount.
Fever, co-led by Ignacio Bachiller Ströhlein, Alexandre Perez Casares, and Francisco Hein, says that it has developed proprietary technology for its event discovery platform.
The company claims to have experienced significant growth since its last financing round in 2019.
The company reports to have grown its revenues 10-fold since then and claims further to have “gone from being present in only three cities five years ago to becoming a global category leader” in over 60 cities across Europe, America, Asia, and Oceania today.
Fever says that the US is currently its largest market.
“Despite the challenges of the pandemic and the novelty of the metaverse, there has never been a better time for thrilling and well-curated IRL events.”
Ignacio Bachiller Ströhlein, Fever
Ignacio Bachiller Ströhlein, Fever’s CEO said: “We’re proud of our role in empowering experience creators to deliver memorable real-life experiences to millions around the world seeking to share unique moments.
“Despite the challenges of the pandemic and the novelty of the metaverse, there has never been a better time for thrilling and well-curated IRL events.
“Fever and the amazing event creators who use our platform are well-placed to meet the zeitgeist.”
“Fever’s ability to grow revenue ten-fold in the last two years demonstrates both the strength of its team and the enduring demand for real-life experiences.”
Stephen Kerns, Goldman Sachs
Stephen Kerns, managing director in the Growth Equity business within Goldman Sachs Asset Management, said: “Fever’s ability to grow revenue ten-fold in the last two years demonstrates both the strength of its team and the enduring demand for real-life experiences.
“Fever’s success is underpinned by smart technology, amazing partnerships, and dedicated creators –three factors which we believe will ensure its continued growth and expansion in the future.
“We are thrilled to support Fever’s team in its mission of making culture and entertainment more accessible across the world.”Music Business Worldwide