{l to r} Fever execs Francisco Hein, Alexandre Pérez Casares, and Ignacio Bachiller Ströhlein. Photo Credit: Fever
A little over one year after pulling down $227 million in a Goldman-led round, entertainment-discovery platform Fever has reportedly raised another $110 million.
This newest capital influx for Fever, which bills itself as “the leading global live-entertainment discovery tech platform,” first came to light in reports from European outlets towards the month’s start.
Operated by Spain natives Francisco Hein, Alexandre Pérez Casares (formerly with Goldman), and Ignacio Bachiller Ströhlein, Fever has a presence in cities including Los Angeles, Tokyo, Paris, London, Abu Dhabi, Tijuana, Rio de Janeiro, and Sydney, to name just some.
And according to the platform’s website, residents and visitors in these and many other locations can purchase tickets to Fever-promoted concerts like Candlelight: A Tribute to Beyoncé, “scavenger hunts” that bring participants to local landmarks, and even films at brick-and-mortar theaters.
Additionally, the business previously co-produced Harry Potter: A Yule Ball Celebration, and in New York, Fever is currently selling passes to everything from cooking classes to “after work” social functions and cruise parties to stand-up sets.
Bearing in mind the seemingly far-reaching nature of Fever’s operations and the income jump that it identified at 2022’s start (when the company had “grown its revenues 10x” since 2019), Goldman led this latest $110 million round.
The raise likewise drew support from existing backers Eurazeo and Vitruvian Partners, besides Wave and Liquid Death investor Convivialité Ventures, Burlingame-based Goodwater Capital, Epic Games stakeholder Smash Capital, and Spyglass Media Group investor Alignment Growth.
According once again to the aforementioned regional reports, Fever’s newest round brought with it a $1.8 billion valuation – up from $1 billion or so in early 2022. Additionally, it’s said that the company, which last week announced the hiring of former Nike and NFL marketing exec Marc Reeves as head of global strategic partnerships, now generates more than half its revenue from North America.
Fever’s $110 million raise and massive valuation are particularly noteworthy because they follow the demise of live-entertainment companies such as Pollen and Festicket.
Meanwhile, other businesses that sell passes to in-person events (concerts among them) are continuing to make cuts; Groupon in January laid off 500 more employees, according to TechCrunch.
And notwithstanding the recent revenue growth of entities including Live Nation, which is reportedly expected to post its Q4 2022 earnings on Wednesday the 22nd, it’ll be worth closely monitoring the state of the crowd-based entertainment sector moving forward.
A number of artists in 2022 spoke of the higher-than-ever expenses associated with touring, and the rising cost of in-demand tickets comes as stateside credit-card debt is reportedly approaching a record $1 billion.