Palm Tree Crew, based by Norwegian DJ and file producer Kygo and his supervisor Myles Shear, has raised $20 million from its Collection B funding spherical led by expertise company WME Group, valuing the enterprise at $215 million.
A mixture of current and new buyers additionally participated within the spherical, Palm Tree Crew stated on Tuesday (September 9) with out disclosing their identities.
The funding comes as Palm Tree continues to develop past music festivals into hospitality venues and shopper investments.
Mark Shapiro, President & Chief Working Officer of WME Group, stated: “As music, hospitality, way of life, and stay experiences converge, Palm Tree Crew has shortly established itself as a cultural pressure on the heart of all of it.”
“Our funding displays each our confidence in Palm Tree Crew’s imaginative and prescient and the pure alignment between our corporations in creating world-class experiences that captivate audiences across the globe.”
Mark Shapiro, WME Group
“Our funding displays each our confidence in Palm Tree Crew’s imaginative and prescient and the pure alignment between our corporations in creating world-class experiences that captivate audiences across the globe.”
Since launching in January 2024, the corporate has opened 4 hospitality properties: Palm Tree Seashore Membership in Las Vegas, Palm Tree Membership & Lodge in Miami, and places in Kansas Metropolis and Orlando. The venues mix leisure, vogue, music, and way of life.
Palm Tree Crew’s competition operations span the US and Europe, with occasions in Montecito, Napa Valley, Saint-Tropez, and Sardinia. The corporate claims its festivals generate substantial financial impression in host markets, citing $88.3 million in native spending throughout its first Aspen occasion. Lodge charges elevated 37% throughout that weekend, whereas secondary ticket costs reached 250% above face worth, the corporate stated.
The corporate operates almost 10 festivals that includes artists equivalent to Calvin Harris, A$AP Rocky, Swedish Home Mafia, John Mayer, The Chainsmokers, and Kygo. The corporate has attracted model companions like Amazon, DraftKings, Tequila Don Julio, and Revolve, and a merch line worn by Travis Kelce and Morgan Wallen.
The corporate’s funding arm, Palm Tree Holdings, helps early-stage shopper and expertise startups. Current investments embrace beverage corporations Ryl Tea, Cove Sodas, and SipMARGS. The fund provides portfolio corporations advertising and marketing help and entry to Palm Tree Crew’s viewers.
In March, Palm Tree Crew took half in a $3 million funding spherical for Hook, an AI-powered startup music platform that permits customers to create and earn from legally licensed music mashups and remixes. Palm Tree Crew additionally joined a $5.1 million seed spherical in web3 music-making startup Arpeggi Labs.
“Our new funding and partnership with WME Group will speed up progress throughout stay occasions and hospitality whereas enabling diversification into synergistic verticals.”
Michael Diaz, Palm Tree Crew
Michael Diaz, CEO of Palm Tree Crew, stated: “This previous 12 months proved the ability of Palm Tree Crew as each a world competition platform and a rising hospitality firm, from increasing to new markets to forging cultural partnerships with world-class manufacturers.”
“Our new funding and partnership with WME Group will speed up progress throughout stay occasions and hospitality whereas enabling diversification into synergistic verticals. This new spherical of funding positions us to scale that momentum and ship unforgettable experiences for followers around the globe.”
Music Enterprise Worldwide
