Miami-based Palm Tree Crew secures $6M funding at $150M valuation
Palm Tree Crew, an entertainment, hospitality, and investment holding company based in Miami, Florida, has recently announced the successful closure of a $6 million funding round, valuing the company at $150 million. This injection of capital will enable Palm Tree Crew to accelerate its growth and expansion plans for its global live events and hospitality businesses, as well as further diversifying into adjacent and synergistic verticals.
Investors behind Palm Tree Crew’s successful funding round
The funding round for Palm Tree Crew saw participation from a range of prominent investors, including Barry Sternlicht, Brad Garlinghouse, David Adelman, Jim Coulter, Jonathan Kraft, Keith Rabois, and Michael Meldman, among others. These investors clearly recognize the potential of Palm Tree Crew and its unique business model, which combines live events, hospitality, lifestyle consumer brands, and multi-stage investments.
Expansion plans for Palm Tree Crew’s global live events and hospitality businesses
With the newfound funding, Palm Tree Crew is poised to expand and grow its global live events and hospitality businesses. The company has already made a mark in the industry through its flagship event, Palm Tree Music Festival, which held eight festivals in 2023 in locations such as Aspen, Westhampton, and Dana Point in North America, as well as Bali, Australia, and India internationally. These festivals attracted approximately 100,000 ticketed attendees and featured renowned musical talent, including Calvin Harris, Tiesto, Gryffin, Ellie Goulding, Jack White, and Kygo himself.
Diversified holding company, Palm Tree Crew, poised for continued growth
Palm Tree Crew, founded by global music icon Kygo and his manager Myles Shear, is not confined to the music festival space. The company also produces bespoke and intimate high-end events such as Palm Tree Basel, Palm Tree Grand Prix, and Palm Tree New Year’s Eve. In addition to its events, Palm Tree Crew is a cultural leader in the lifestyle space, collaborating with leading consumer brands across the sports, culture, and fashion industries to produce merchandise collections. The company’s diversified portfolio and strategic partnerships position it well for continued growth and success.
Palm Tree Crew: The force behind premium music festivals and lifestyle experiences
Palm Tree Crew is not just about organizing music festivals; it is about creating premium experiences and memorable moments for its attendees. Through its festivals and events, Palm Tree Crew partners with renowned brands such as Aviator Nation, Blade, Bumble, Celsius, Coach, Diageo, Matsuhisa, Route, Whispering Angel, and Wynn. These partnerships contribute to the overall ambiance and quality of Palm Tree Crew’s events, solidifying their status as must-attend experiences for music and lifestyle enthusiasts.
In conclusion, Palm Tree Crew’s recent funding round success is a testament to the company’s unique and forward-thinking approach in the live events and hospitality industry. With its diverse portfolio, strategic partnerships, and visionary leadership, Palm Tree Crew is well-positioned to continue its expansion and cement its status as a leader in creating premium music festivals and lifestyle experiences.
Analyst comment
Positive news: Miami-based Palm Tree Crew secures $6M funding at $150M valuation. As an analyst, I predict that with this injection of capital, Palm Tree Crew will be able to accelerate its growth and expansion plans for its global live events and hospitality businesses. This will allow them to diversify into adjacent and synergistic verticals and solidify their position as a leader in creating premium music festivals and lifestyle experiences. The company’s strategic partnerships and visionary leadership also contribute to their continued success.
