-- Fever has grown 10x in revenue since 2019 –in spite of the pandemic– by enabling creators to scale globally and deliver high-quality experiences
-- Data-driven curation and creation of new experiences heralds "roaring twenties" as Fever partners with entertainment creators to bring the world together in real life
-- New co-investors Alignment Growth, Goodwater Capital, and Smash Capital also join round, bringing decades of experience in media, entertainment, and consumer technology
NEW YORK, Jan. 26, 2022 /PRNewswire/ -- Fever, the leading live-entertainment discovery platform, has raised $227m in a round led by the Growth Equity business within Goldman Sachs Asset Management ("Goldman Sachs"). The round, the largest ever for a live-entertainment tech startup, values the company at over $1bn, and builds on the increasing demand for real-life experiences – in a world where most of the conversation is around digital entertainment or the Metaverse.
To reinforce the positive outlook and future of in-person and 'IRL' experiences Goldman Sachs is joined by Alignment Growth, growth equity investor in global entertainment and consumer tech, led by former Warner Bros, Time Warner, and investment banking executives. Other co-investors participating in this round are Goodwater Capital (the largest dedicated consumer technology platform globally), and Smash Capital (a late-stage venture capital firm led by former Disney and growth equity investors, backer of Epic Games). In addition to the announced primary financing of $227m, Eurazeo and Vitruvian Partners have also participated through a secondary investment of an undisclosed amount.
Fever –whose mission is to democratize access to culture and entertainment– has developed a proprietary technology to inspire its global community through personalized and curated experiences in their local city, and empowers entertainment and event creators to reach new audiences and enhance their experiences.
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. 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, co-led by three Spaniards, Ignacio Bachiller Ströhlein, Alexandre Perez Casares, and Francisco Hein, has experienced significant growth since its last financing round in 2019. The company has grown its revenues 10x and has gone from being present in only three cities five years ago to becoming a global category leader in over 60 cities across Europe, America, Asia, and Oceania today. The US is currently Fever's largest market.
Ignacio Bachiller Ströhlein, Fever's CEO said, "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. Fever and the amazing event creators who use our platform are well-placed to meet the zeitgeist."
Stephen Kerns, managing director in the Growth Equity business within Goldman Sachs Asset Management, said: "Fever's ability to grow revenue ten-fold in the last two years demonstrates both the strength of its team and the enduring demand for real-life experiences. Fever's success is underpinned by smart technology, amazing partnerships, and dedicated creators –three factors which we believe will ensure its continued growth and expansion in the future. We are thrilled to support Fever's team in its mission of making culture and entertainment more accessible across the world."
Fever is the leading global live-entertainment discovery platform, helping millions of people every month to discover the best experiences in their cities, with a mission to democratize access to culture and entertainment in real life. Through its platform, Fever inspires its community to enjoy unique local experiences and events, from immersive art exhibitions, interactive theatrical experiences, festivals, classical music concerts to molecular cocktail pop-ups while empowering creators with data and technology to create and expand experiences across the world.
About Goldman Sachs Asset Management Growth Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of December 31, 2021. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.