Palm Tree Crew Raises New Funding at $150M Valuation to Expand its Global Entertainment and Investment Platform
MIAMI, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Palm Tree Crew, an entertainment, hospitality, and investment holding company, recently closed a new round of funding at a $150M valuation. Backers in the $6M round included Barry Sternlicht, Brad Garlinghouse, David Adelman, Jim Coulter, Jonathan Kraft, Keith Rabois, and Michael Meldman, among others. Palm Tree Crew, through its investment arm, also recently raised a $32M venture fund that focuses on providing capital to early-stage disruptive brands across the consumer and technology space.
Founded by global music icon, Kyrre Gørvell-Dahll (“Kygo”), and his manager Myles Shear, Palm Tree Crew (“PTC”) is a diversified holding company that operates a global live events and hospitality business, a lifestyle consumer brand, and a multi-stage investment platform.
"At Palm Tree Crew, we are building a next-generation lifestyle company that brings our fans incredible experiences and offerings all over the world,” said Kyrre, co-founder of Palm Tree Crew. “Our vision is to create unforgettable moments and opportunities that reflect our mission to promote connection, fun, innovation — and of course, the tropical lifestyle.”
Palm Tree Crew produces premium experiences all over the world, most notably through its flagship event Palm Tree Music Festival. PTC held eight festivals in 2023, in locations such as Aspen, Westhampton, and Dana Point in North America to Bali, Australia, and India internationally. In total, Palm Tree Music Festival brought together roughly 100,000 ticketed attendees and showcased musical talent from Calvin Harris, Tiesto and Gryffin to Ellie Goulding, Jack White, and Kygo himself.
PTC also produces more bespoke and intimate high-end events such as Palm Tree Basel, Palm Tree Grand Prix, and Palm Tree New Year s Eve, each built around their respective namesake moments of the year. At its festivals and events, PTC partners with leading brands such as Aviator Nation, Blade, Bumble, Celsius, Coach, Diageo, Matsuhisa, Route, Whispering Angel, and Wynn, among others.
In addition to live experiences, Palm Tree Crew is a cultural leader in the lifestyle space, producing merchandise collections both independently as well as in collaboration with leading consumer brands across the sports, culture, and fashion industries.
"From the start, our vision has been to build a one-of-a-kind lifestyle company that provides our customers with access to unique experiences and products that embody a carefree, luxurious tropical way of life,” said Myles Shear, co-founder of Palm Tree Crew. “We're excited to continue raising the bar and elevating our collaboration with forward-thinking partners across all facets of our business. We are only getting started."
Through its investment arm, Palm Tree Capital, PTC invests in early stage, consumer businesses, providing differentiated strategic support. PTC offers its portfolio companies access to global marketing (via its events platform), strategic talent partners (via its network of celebrities, athletes, and influencers), and business development support to facilitate capital and commercial relationship-building. PTC integrates its portfolio company founders into the entire Palm Tree Crew ecosystem in a full 360 approach. The portfolio spans a diverse set of consumer categories, including beauty (10Beauty, Playground); consumer technology (WhatNot, Betr, Telly); food and beverage (Long Drink, Poppi, Fly By Jing, immi, Rob’s Backstage Popcorn); sports lifestyle (Recess Pickleball); and more.
"We are incredibly excited about the momentum behind Palm Tree Crew and the opportunities we have ahead of us,” said Palm Tree Crew CEO Michael Diaz. “We look forward to driving continued growth at our core businesses, while opportunistically creating new ways for our fans and customers to enjoy PTC moments."
In 2024, PTC will bring Palm Tree Music Festival back to all domestic markets, as well as select new ones to be announced soon, and will continue its international expansion. PTC recently announced it is presenting the N9NE Lounge at the WM Phoenix Open, in partnership with On Location. The N9NE Lounge presented by Palm Tree Crew will debut at the upcoming WM Phoenix Open in February. Also, in Fall 2024, Palm Tree Crew will unveil its first restaurant concept, the name and market for which will soon be announced.
Palm Tree Crew will use proceeds from the fund raise to accelerate growth and expansion of its global live events and hospitality businesses, as well as to fuel continued diversification into adjacent and synergistic verticals.
About Palm Tree Crew
Palm Tree Crew (“PTC”) is a diversified holding company that owns and operates a global live events business, a multi-product investment platform, and a leading cultural consumer brand, all under one unified ecosystem. PTC has built a flywheel of business lines and capabilities that synergistically amplify the broader global PTC brand and bring value to its fans and stakeholders.
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Media contact: Dawn Kamerling The Press House dawn@thepresshouse.com
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