Palm Tree Crew, founded by Norwegian DJ and record producer Kygo and his manager Myles Shear, has raised $20 million from its Series B funding round led by talent agency WME Group, valuing the business at $215 million.
A combination of existing and new investors also participated in the round, Palm Tree Crew said on Tuesday (September 9) without disclosing their identities.
The investment comes as Palm Tree continues to expand beyond music festivals into hospitality venues and consumer investments.
Mark Shapiro, President & Chief Operating Officer of WME Group, said: "As music, hospitality, lifestyle, and live experiences converge, Palm Tree Crew has quickly established itself as a cultural force at the center of it all."
"Our investment reflects both our confidence in Palm Tree Crew's vision and the natural alignment between our companies in creating world-class experiences that captivate audiences around the globe."
Mark Shapiro, WME Group
"Our investment reflects both our confidence in Palm Tree Crew's vision and the natural alignment between our companies in creating world-class experiences that captivate audiences around the globe."
"Our new funding and partnership with WME Group will accelerate growth across live events and hospitality while enabling diversification into synergistic verticals."
Michael Diaz, Palm Tree Crew
Michael Diaz, CEO of Palm Tree Crew, said: "This past year proved the power of Palm Tree Crew as both a global festival platform and a growing hospitality company, from expanding to new markets to forging cultural partnerships with world-class brands."
"Our new funding and partnership with WME Group will accelerate growth across live events and hospitality while enabling diversification into synergistic verticals. This new round of funding positions us to scale that momentum and deliver unforgettable experiences for fans around the world."