Live-entertainment discovery platform Fever has raised over $227 million in a new funding round. In so much, the startup now holds the top spot in terms of the largest amount of capital raised by a live-entertainment/event-focused company and joins to coveted unicorn club.
While the Growth Equity arm of Goldman Sachs led the round, new investors Alignment Growth, Goodwater Capital, and Smash Capital also participated, with Eurazeo and Vitruvian Partners taking a box seat through a secondary investment of an undisclosed amount.
As any good VC will tell you, their job is to predict the future. How fast or slow the tune will be played. Which direction the wind will blow. As one of the most successful banking/financial service providers of all time, it’s a fair statement to make that Goldman Sachs has been pretty good at gazing into the crystal ball and coming back with some winners.
In a world that’s packed with digital “experiences” and the promise of a glorious metaverse, it might be a bit of a gamble to lay heavy into the future of ‘IRL’ events. But as we all know, “fortune favours the brave.”
“Fever’s success is underpinned by smart technology, amazing partnerships, and dedicated creators –three factors that we believe will ensure its continued growth and expansion in the future.” - Stephen Kerns, managing director, Growth Equity, Goldman Sachs
In addition to the strong vote of confidence from one of Wall Street’s biggest power brokers, Fever now also has the backing of Alignment Growth, an equity investment house led by former Warner Bros, Time Warner, and investment banking execs, and late-stage VC firm led by former Disney and growth equity investors, Smash Capital.
Fever was founded in 2011 by Spain’s omnipresent Pep Gomez, and is now co-led by Spaniards Ignacio Bachiller Ströhlein, Alexandre Perez Casares, and Francisco Hein, and like many organisations, has seen their operating landscape go through some dramatic changes.
Fundamentally, the platform analyses consumer data and helps creators curate unique events and experiences to match demand. The value in this offer became readily apparent when the pandemic took hold, and the company reports, “helping these organizers to create and adapt to a new reality during and post-COVID, by making their experiences more accessible to a full new range of customers across the world.”
In doing so, and despite a seemingly endless series of lockdowns and ever-changing, and often confusing, government guidelines, rules, and regulations, Fever has seen revenues grow by 10x since 2019.
“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,” commented CEO Ignacio Bachiller Ströhlein. “Fever and the amazing event creators who use our platform are well-placed to meet the zeitgeist.”