Entertainment agency WME Group led a $20 million Series B funding round in Palm Tree Crew, the Miami-based global entertainment, hospitality, and investment holding company co-founded by DJ and record producer Kygo.
The latest round of venture capital values the firm at $215 million, and includes participation from existing and new investors, the company said. The funding comes as Palm Tree Crew is expanding its festival business and investments in consumer products.
“As music, hospitality, lifestyle, and live experiences converge, Palm Tree Crew has quickly established itself as a cultural force at the center of it all,” said Mark Shapiro, president and COO of WME Group, in a statement. “Our investment reflects both our confidence in Palm Tree Crew’s vision and the natural alignment between our companies in creating world-class experiences that captivate audiences around the globe.”
Founded in January 2024, Palm Tree Crew has accelerated its hospitality expansion, opening four properties in under a year, including Palm Tree Club & Hotel in North Bay Village, as well as Palm Tree Clubs in Orlando, Las Vegas and Kansas City.
Palm Tree Crew has also expanded its festival footprint with new U.S. destinations in Montecito and Napa, alongside its recent European debut in Saint-Tropez and Sardinia. Today, Palm Tree Crew hosts flagship festivals annually across the globe, featuring artists such as Calvin Harris, A$AP Rocky, Swedish House Mafia, John Mayer, The Chainsmokers, and Kygo.
The new round will help accelerate company growth across live events and hospitality, including adding more festivals. Executives are considering festival locations in Japan, South Korea, Singapore, Macau, and in Norway, where Kygo is from, Bloomberg reported. The funding will also go toward new hires and investments in early stage businesses that are complementary to music festivals, such as beverages. Palm Tree Crew has already invested in drink brands such as Ryl Co. tea, Cove Soda and SipMargs.
“From day one, our goal has been to build more than a company – we set out to create a lifestyle brand that celebrates connection, culture, and the carefree spirit of the tropics,” said Palm Tree Crew co-founder Myles Shear. “With WME Group and our world-class investors behind us, Palm Tree Crew will continue to scale bigger, go bolder, and push into new territory across music, hospitality, and beyond.”
Pictured above: Photo from Palm Tree Crew’s website shows a Palm Tree Music Festival in Aspen.
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