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January 17, 2024
1 min read

Palm Tree Crew: Turning $6M into $150M with Funding Boost

TLDR:

  • Miami-based company Palm Tree Crew has raised $6 million in funding at a $150 million valuation.
  • The funding round was backed by investors including Barry Sternlicht, Brad Garlinghouse, David Adelman, and Keith Rabois.
  • Palm Tree Crew plans to use the funding to expand its live events and hospitality businesses and enter new verticals.

Miami-based entertainment, hospitality, and investment holding company, Palm Tree Crew, has closed a $6 million funding round at a $150 million valuation. The funding round was backed by investors including Barry Sternlicht, Brad Garlinghouse, David Adelman, Jim Coulter, Jonathan Kraft, Keith Rabois, and Michael Meldman. The company plans to use the proceeds to accelerate the growth and expansion of its global live events and hospitality businesses, as well as its continued diversification into adjacent and synergistic verticals.

Palm Tree Crew, founded by global music icon Kyrre Gørvell-Dahll (“Kygo”) and his manager Myles Shear, is a diversified holding company that operates a global live events and hospitality business, a lifestyle consumer brand, and a multi-stage investment platform. The company produces premium experiences all over the world, including its flagship event, the Palm Tree Music Festival. In 2023, Palm Tree Crew held eight festivals in locations such as Aspen, Westhampton, and Dana Point in North America, and Bali, Australia, and India internationally. The festivals brought together roughly 100,000 ticketed attendees and showcased musical talent from Calvin Harris, Tiesto, Gryffin, Ellie Goulding, Jack White, and Kygo himself.

In addition to live experiences, Palm Tree Crew produces merchandise collections and collaborates with leading consumer brands in the sports, culture, and fashion industries. The company also partners with brands such as Aviator Nation, Blade, Bumble, Celsius, Coach, Diageo, Matsuhisa, Route, Whispering Angel, and Wynn at its festivals and events.

The recent funding round will enable Palm Tree Crew to further expand its live events and hospitality businesses, as well as diversify into new verticals. The company’s strong network of investors and partnerships with influential brands position it well for continued growth and success in the entertainment industry.

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