UK-born mobile ticketing platform DICE has raised $65 million in a new funding round led by MUSIC, the investment company co-founded by Matt Pincus and LionTree.
Pincus, MUSIC’s CEO, will also join the DICE Board of Directors.
Other investors in this new funding round include Structural Capital and Ahdritz Holding LLC, the investment vehicle for Willard Ahdritz, founder and chairman of Kobalt Music; with follow on investments from Exor Ventures and Mirabaud Lifestyle Fund.
DICE, which claims to be “the world’s largest independent music ticketing platform”, says that “millions of fans” use its platform to discover and attend live events.
The company reports that over 55,000 artists and 10,000+ venues, festivals and promoters will use DICE to sell their tickets across 30 cities this year. The app locks tickets to ticketholders’ smartphones.
DICE says that the funding will help it launch in new cities, as it continues its expansion across the US and globally. The company plans to announce new partnerships in the coming weeks and is preparing to launch in Austin.
DICE also says this new funding will support its ongoing product investments. The platform says that it “has continuously invested in Discovery” and that “each fan’s app is personalized for them”.
DICE claims that nearly 50% of all tickets sold on its app are via its Discovery feature.
Also announced today (August 23) is the appointment of Ali Byrd as DICE’s Chief Financial Officer.
Byrd joins DICE with more than a decade’s experience at companies including Olive, an AI healthcare technology company based in the US. He previously held senior positions at Microsoft, CoverWallet and Limewire. Ali will be based in New York.
This funding follows a string of strategic hires including the appointment of music industry veteran, Caron Veazey, to DICE’s Board of Directors, as well as former SVP of Growth and Marketing at HBO Max, Katie Soo, as Chief Business Officer.
“The live music industry is adopting DICE faster than ever and proves our thesis that if you treat fans well, they buy more tickets, and go out more often.”
Phil Hutcheon, DICE
Phil Hutcheon, CEO and Founder of DICE, said: “The live music industry is adopting DICE faster than ever and proves our thesis that if you treat fans well, they buy more tickets, and go out more often.
“We’re investing heavily in building even more technology and this year alone we released over 60 new features for fans, venues and artists. I’m excited that Matt (Pincus) has joined the Board and we’re more focused than ever on our mission to get fans out more.”
Earlier this summer, Hutcheon joined President Biden at the White House to discuss ticket pricing, resellers and so-called ‘junk fees’.
Hutcheon continued: “It was an honor to be part of the discussion with President Biden and we are proud to be part of the Fix The Tix coalition. Doing the right things for fans is always our priority at DICE.”
“DICE did the impossible: They made buying a ticket fun.”
Matt Pincus, MUSIC
Matt Pincus, entrepreneur, investor and Co-Founder and CEO of MUSIC, said: “DICE did the impossible: They made buying a ticket fun. And by doing that, they became much more than a transaction provider.
“DICE is the premier user-centric engagement platform for the most important consumers in music: people who love to go to shows.”
“DICE has come a long way on their vision, and today it’s even clearer that the live industry needs changing.”
Willard Ahdritz, founder of Ahdritz Holdings LLC and founder and chairman of Kobalt Music, said: “I met Phil in 2015 having heard about DICE. Rolling out AWAL at that time, I needed so many more venues for all my acts to play.
“DICE delivers a transformative experience for all stakeholders – from fans to venues to artists and looked like the future for live music.
“DICE has come a long way on their vision, and today it’s even clearer that the live industry needs changing. I am excited to have the opportunity to be part of the company as an investor.”
“We believe DICE is a true industry innovator.”
Kai Tse, Structural Capital
Kai Tse, Structural Capital Co-Founder & Managing Partner, said: “Structural Capital is very excited to be involved in helping DICE continue its success and future growth. We believe DICE is a true industry innovator.”
In January, MUSIC made what it said is a “significant minority investment” in Atlanta-based music company LVRN (Love Renaissance).
Bloomberg reported that LVRN has raised ”more than $25 million” from Pincus.
In May 2022, MUSIC raised $200 million in “initial” capital as it officially re-launched as a partnership between Pincus and Liontree, plus two new investors – JS Capital Management and Schusterman Family Investments.
Pincus previously founded SONGS Music Publishing, which sold to Kobalt Capital for around $160 million in 2017.Music Business Worldwide