Palm Tree Crew, a Miami, FL-based entertainment, hospitality, and investment holding company, recently closed a $6M funding round at a $150M valuation.
Backers included Barry Sternlicht, Brad Garlinghouse, David Adelman, Jim Coulter, Jonathan Kraft, Keith Rabois, and Michael Meldman, among others.
The company will use proceeds to accelerate growth and expansion of its global live events and hospitality businesses, as well as its continued diversification into adjacent and synergistic verticals.
Founded by global music icon, Kyrre Gørvell-Dahll (“Kygo”), and his manager Myles Shear, and led by CEO Michael Diaz, Palm Tree Crew is a diversified holding company that operates a global live events and hospitality business, a lifestyle consumer brand, and a multi-stage investment platform.
The company 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 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.
A big congratulations to Palm Tree Crew on raising an impressive $6M in funding at a remarkable $150M valuation! 🌴💰 This accomplishment underscores the confidence in your vision and the potential for growth. Wishing you continued success as you scale new heights in the industry. Here’s to the next phase of innovation, prosperity, and making waves! 🚀🎉 #PalmTreeCrew #FundingSuccess #ValuationAchievement~ Dr Shishir said Gupta founder & CEO of StartupLanes
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