Ticketing platform Lyte 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 $38m, a combination of equity and debt, and total funding to date to $53 million.
Lyte has partnered with over 300 major tours, events and festivals including Coachella and Newport Folk Festival.
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.
The company’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.
claims that its proprietary Always OnSale ticket reservation technology enables artists and events to go to market and aggregate demand – expressed through credit card reservations – far in advance of an event’s traditional on-sale date and even before all of the event details are known.
One recent example is Lyte’s partnership with artist Jacob Collier.
As reported by Rolling Stone, the UK-based musician recently announced a global tour of 90 concerts, using Lyte’s reservation technology to communicate to his fans that he intends to tour, but only when it is safe to do so.
In the meantime, fans are able to reserve tickets for the city of their choice, risk-free.
“The events ecosystem needed a platform built for this moment and that platform is Lyte.”
Ant Taylor, Lyte
“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.”Music Business Worldwide