California-based atVenu, which processes over $1 billion in merchandise, food and beverage payments at concerts every year, has raised $30 million in funding from software-focused private equity firm Frontier Growth.
Founded in 2012, atVenu offers POS (point-of-sale), inventory tracking, automated reporting and other services that are tools for artists, merchandisers, record labels, venue operators, promoters, and food & beverage concessionaires during live events like concerts.
The startup helps manage over 125,000 shows annually. Those shows include events in small clubs and mid-size amphitheaters to big venues like stadiums and festivals.
“From starting as an idea in the back of a touring van, to becoming the industry standard for concert merchandise is an accomplishment for which we’re grateful.”
Ben Brannen, atVenu
The company has generated $3.78 billion in gross sales to date and served more than 15,000 customers.
“It’s been an incredible first ten years for the atVenu team. From starting as an idea in the back of a touring van, to becoming the industry standard for concert merchandise is an accomplishment for which we’re grateful,” atVenu co-founder and President Ben Brannen said.
atVenu has provided payment services for merchandise by artists including New Hope Club, Sleeping With Sirens, TWRP, Australian indie rock band Last Dinosaurs, Disney Music Group duo Aly & AJ, and Mayday Parade, among others.
The company also tracks the best-selling items by genre of music. Koozies are popular for Rock and Alternative genres, while zip-up hoodies and pullover hoodies have become more popular for Country, Rock and Pop genres, atVenu said in a blog post recently.
Additionally, atVenu has developed more features like QR code-based mobile ordering and facilitating RFID payments. After its success in the US music merchandise business, the company now supports festival food and beverage sales in the US, the UK and Canada.
“Their commitment to the customer and end markets they serve is unrelenting, and we were drawn to their unique ability to develop modern technology that is changing the way the live events market does business.”
Andrew Lindner, Frontier Growth
Commenting on the investment, Frontier Growth partner Andrew Lindner said atVenu’s “commitment to the customer and end markets they serve is unrelenting, and we were drawn to their unique ability to develop modern technology that is changing the way the live events market does business.”
Frontier Growth, based in Charlotte, NC, has about $1.8 billion assets under management. Among its active investments include social media analytics firm ListenFirst, sales enablement for media and ad tech firm MediaRadar, and digital public policy firm Capitol Canary.
“We believe opportunities are largely achieved because of those around you and adding Frontier Growth to the atVenu team brings the people, experiences, and resources to accelerate our growth and accomplish what we know this company and its people are capable of,” atVenu’s Brannen said.
“As atVenu’s growth has continued to accelerate, we felt it was a great time to bring on a partner who could help us maximize the tremendous opportunity in front of us. With the additional capital and resources, we plan to deepen our relationships with our existing clients, and expand our business into international markets and new product categories,” the executive added.Music Business Worldwide