Fever, an eight-year-old “global live-entertainment discovery platform,” has officially raised $227 million in a funding round led by Goldman Sachs.
Fever, which is run by Spain natives Francisco Hein, Alexandre Pérez Casares, and Ignacio Bachiller Ströhlein, unveiled the nearly $230 million round via a formal release this morning. (The latter professional serves as the company’s CEO, and Pérez Casares formerly worked at Goldman Sachs and KKR.)
The Growth Equity division of Goldman’s Asset Management operation provided the leading investment in Fever, valuing the business at north of $1 billion. Since the “IRL” event platform’s previous raise three years back, revenue has increased by 10 times, and the last half decade has seen the company expand its presence from three to 60 cities, execs said.
Today’s round likewise drew participation from Alignment Growth, Musical.ly investor Goodwater Capital, and Epic Games backer Smash Capital. Plus, independent of the $227 million raise, Paris-headquartered Eurazeo (RF on the Euronext Paris) and 16-year-old private equity Vitruvian Partners “have also participated through a secondary investment of an undisclosed amount,” according to the involved professionals.
Fever intends to put the capital towards developing and growing its platform, which encompasses “a proprietary technology to inspire its global community through personalized and curated experiences in their local city,” per the announcement message.
On this front, the entity’s website enables users to select a city and then view and purchase tickets to a variety of upcoming (in-person) events. In New York City, for instance, happenings including “Fever Original” tribute shows for Taylor Swift and ABBA, all manner of Valentine’s Day “date night” options, and a Stranger Things experience (jointly organized with Netflix) are currently listed.
Addressing his company’s newest capital influx in a statement, Fever CEO Ignacio Bachiller Ströhlein, in a stark contrast to a number of digital-experience advocates, noted the perceived “novelty of the metaverse” and touted the advantages of “thrilling and well-curated IRL events.”
“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,” said the former McKinsey & Company team member Bachiller Ströhlein.
“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,” he finished.
Needless to say, Fever’s multimillion-dollar raise appears indicative of investors’ confidence in the imminent full-scale return of crowd-based 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 a surge in ticketholder no-shows), it looks as though 2022 might mark an all-encompassing comeback for live music.
From the long-awaited return of Coachella to the multitude of tours that artists (and tourism-minded countries) are planning, said comeback cannot arrive soon enough for members of the live-entertainment space, which has suffered unprecedented financial damage due to lockdowns and other COVID restrictions.