Proving that live entertainment continues attracting investors in a post-pandemic landscape, global discovery platform Fever has raised $227 million in a round led by Goldman Sachs Asset Management.
The round, which the firm claims “the largest ever for a live entertainment tech startup,” valued Fever at over $1 billion. Fever is 10% owned by Spanish media giant Atresmedia.
Further new co-investors take in Alignment Growth, Goodwater Capital and Smash Capital, bringing to the company their large experience in media, entertainment and consumer technology.
In addition to the recent financing round, Eurazeo and Vitruvian Partners have also participated through a secondary investment of an undisclosed amount.
Starting in 2014, Fever has become a leading global live entertainment discovery platform, helping millions of people to discover experiences in their cities, with a mission to democratize access to culture and entertainment in real life.
Since its previous financing round, in 2019, the company multiplied by ten its revenues and gone from being present in three cities five years ago to becoming a global leader, operating in over 60 cities across Europe, America, Asia, and Oceania today. The U.S. is Fever’s largest market.
Through its platform, Fever inspires users to enjoy unique local experiences and events, from immersive exhibitions, interactive theatrical experiences to festivals, while empowering creators with data and technology to create and expand experiences across the world.
“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,” said Fever CEO, Spaniard Ignacio Bachiller Ströhlein.
“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,” added Bachiller, who co-heads the company alongside compatriots Alexandre Pérez Casares and Francisco Hein.
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.”
The company’s milestones take in the immersive adventure “The Stranger Things: The Drive-Into Experience,” in Los Angeles, for which Fever teamed with Netflix.
The popular event ran Oct. 2020-June 2021, entertaining more than 300,000 fans over that time span, becoming one of the biggest live entertainment events during the pandemic.
Fever also sells access to attractions such as the digital show “Van Gogh: The Immersive Experience,” which collectively has welcomed more than 1.3 million guests during their opening weeks in several U.S. cities, and “The Queen’s Ball: A Bridgerton Experience,” a ball themed around Netflix-Shondaland series “Bridgerton,” set initially in Los Angeles, Chicago, Montreal and Washington, D.C. as the first cities before the show’s planned launch across the world this year.