Live Entertainment Startup Fever Raises $227M

Calling it the largest funding round ever for a business of its type, live-entertainment platform Fever said it has raised $227 million.

Announced Wednesday (Jan. 26), the round, led by Goldman Sachs, values Fever at more than $1 billion.

The funding also “builds on the increasing demand for real-life experiences — in a world where most of the conversation is around digital entertainment or the Metaverse,” the company said in a news release.

Read more: Event Startup Fever Notches $35M

Based in Madrid and New York City, Fever lets users explore live events and search through personalized recommendations based on their interests for experiences ranging from plays, concerts, festivals, nightclubs, restaurants and games. The company also works with entertainment and event creators to help them reach a wider audience.

“As the pandemic took hold, thousands of traditional producers and creators like museums or classical music organizers were struggling to adapt their formats and engage their audiences,” the company said. “Fever has helped 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.”

Fever says it has seen substantial growth since its last funding round, when it raised $35 million in 2019. Since then, revenues have grown ten-fold, and the company has gone from operating in three cities to more than 60 in the U.S., Europe, Asia and Oceania.

“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,” said Ignacio Bachiller Ströhlein, Fever’s CEO. “Fever and the amazing event creators who use our platform are well-placed to meet the zeitgeist.”

See also: AMC Wants to Turn Its Movie Theaters Into Virtual Concert Venues

Earlier this month, PYMNTS looked at the encroachment of the digital world on live events as AMC announced plans to turn some of its theaters into virtual reality concert halls.

This shift toward virtual events follows other similar recent efforts, such as the Fortnite virtual concert series featuring superstars like Travis Scott and Ariana Grande, or Twenty One Pilots staging a virtual concert in Roblox.