Goldman Sachs Asset Management leads $227m investment in live-entertainment tech startup Fever

Madrid-New York,  January 26 -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 Growth 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 Hollywood & Brooklyn-based 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 that inspires 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.”