Lyte ticketing platform raised an additional $ 5 million in a Series B round announced in December.
This brings Lyte’s Series B round to $ 38 million, a combination of equity and debt, and total funding to date to $ 53 million.
Lyte has worked on over 300 major tours, events, and festivals including Coachella and Newport Folk Festival.
Other investors in the extended Series B round are Uncorrelated, AllRise, Brian Distelburger and Ed Roman.
They join first-time Lyte investors Chamath Palihapitiyas Social Capital, music icon Quincy Jones, Rocketship VC, Ryan Moore’s Accomplice and Jackson Square Ventures.
The company’s original seed capital investors Joe Edelman and Adam Stone are returning to fund and support the company, as will Philip Deutch, Zander Lurie, Matt Mickiewicz and digital media entrepreneur and Lyte board member Rob Goldberg.
claims that its proprietary Always OnSale ticket reservation technology enables artists and events to go to market and aggregate demand – expressed through credit card reservations – well in advance of an event’s traditional sale date and even before all of the event details are known.
A current example is Lyte’s partnership with the artist Jacob Collier.
As reported by Rolling Stone, the UK-based musician recently announced a global tour of 90 concerts using Lyte’s reservation technology to let fans know he intended to tour, but only if it is certain.
In the meantime, fans can reserve tickets for the city of their choice risk-free.
“The event ecosystem needed a platform that was built for this moment, and that platform is Lyte.”
Ant Taylor, Lyte
“In live entertainment, the COVID panic has accelerated a market development that has been desired for years that offers more flexibility and choice in purchasing,” said Ant Taylor, Founder and CEO of Lyte.
“The event ecosystem needed a platform built for this moment, and that platform is Lyte.
This final list of investors adds to the know-how in the capital markets as well as in building and operating large, emerging technology companies. Welcome to Salil, Brian, Ed and Ruslan and their teams. “Music business worldwide