Lyte Extends Series B Round With Additional $5 Million In Funding, Bringing Total To $38 Million
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Lyte, the reservations technology platform that is transforming ticketing for live events, has raised an additional $5 million as part of a Series B round initially 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. The additional funding arrives as the company continues its tremendous growth and further validates their novel approach to live event ticketing. Lyte - which has partnered with over 300 major tours, events and festivals including Coachella and Newport Folk Festival - also recently announced the supercharging of their executive team and their first international partnerships outside of North America.
“In live entertainment, the COVID panic has accelerated a market evolution that consumers have wanted for years, one delivering more flexibility and choice around purchasing,” said Ant Taylor, Lyte Founder and CEO. “The events ecosystem needed a platform built for this moment and that platform is Lyte. This final slate of investors adds depth of expertise in the capital markets and in building and operating great, emergent technology companies. A big Lyte welcome to Salil, Brian, Ed and Ruslan, and their teams.”
Additional investors in the extended Series B round include Uncorrelated, AllRise, Brian Distelburger and Ed Roman. They join first-time Lyte investors Chamath Palihapitiya’s Social Capital, music icon Quincy Jones, Rocketship VC, Ryan Moore’s Accomplice and Jackson Square Ventures. Lyte’s original seed investors Joe Edelman and Adam Stone return to fund and support the company as do Philip Deutch, Zander Lurie, Matt Mickiewicz and digital media entrepreneur and Lyte Board Member, Rob Goldberg.
Lyte has also recently made headlines by partnering with major artists who are using their technology to intelligently route tours as they confront the challenges created by the pandemic. Instead of relying on traditionally passive methods of understanding market demand, Lyte enables artists to capture true "active" demand by having fans place a credit card reservation to secure a guaranteed opportunity to purchase tickets. Fans are charged only once the date and concert venue has been confirmed and announced, and the reservation can be canceled at any time. This fresh way of aggregating demand allows artists to book the most lucrative markets and appropriate sized venues, while also reducing risk for those venues that have been decimated by the effects of a pandemic economy.
Lyte is a reservations technology platform that has reimagined event ticketing for artists, venues and fans. In an industry where the standard is “no refunds,” and concert-goers have to compete with robots and brokers for the tickets they want, Lyte's mission is to fill every seat with real tickets at fair prices and make the entire experience delightful and simple.
Lyte’s technology has delivered millions of dollars in savings by enabling fans to reserve, return and exchange tickets through its proprietary risk-free reservations system that top live entertainment brands are also now using to confront the uncertainty created by the pandemic. Lyte’s industry-friendly solutions have been utilized by Coachella, major tours with the likes of Mumford & Sons and Wilco, and recently featured in Rolling Stone and Billboard.
Source Shore Fire Media
February 8, 2021 8:25pm ET by Shore Fire Media