Palm Tree Crew – an entertainment, hospitality, and investment holding company – recently closed a new round of funding at a $150 million valuation. The backers in the $6 million round included Barry Sternlicht, Brad Garlinghouse, David Adelman, Jim Coulter, Jonathan Kraft, Keith Rabois, Michael Meldman, and others. Palm Tree Crew (through its investment arm) also recently raised a $32 million venture fund that focuses on providing capital to early-stage disruptive brands across the consumer and technology space.
Launched 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.
Palm Tree Crew produces premium experiences worldwide, mostly through its flagship event, Palm Tree Music Festival. And PTC held eight festivals in 2023 in Aspen, Westhampton, and Dana Point in North America to Bali, Australia, and India internationally. The Palm Tree Music Festival brought together about 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 like Palm Tree Basel, Palm Tree Grand Prix, and Palm Tree New Year s Eve, each built around their respective namesake moments of the year. And at its festivals and events, PTC partners with leading brands such as Aviator Nation, Blade, Bumble, Celsius, Coach, Diageo, Matsuhisa, Route, Whispering Angel, Wynn, etc.
In addition to live experiences, Palm Tree Crew is a cultural leader in the lifestyle space – producing merchandise collections independently and collaborating with leading consumer brands across the sports, culture, and fashion industries.
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. And 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.
This year, PTC will bring Palm Tree Music Festival back to all domestic markets, select new ones to be announced soon, and continue its international expansion. And 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 of which will soon be announced.
Palm Tree Crew will use the funding 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.
KEY QUOTES:
“At Palm Tree Crew, we are building a next-generation lifestyle company that brings our fans incredible experiences and offerings all over the world. Our vision is to create unforgettable moments and opportunities that reflect our mission to promote connection, fun, innovation — and of course, the tropical lifestyle.”
— Kyrre, co-founder of Palm Tree Crew
“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. 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.”
— Myles Shear, co-founder of Palm Tree Crew
“We are incredibly excited about the momentum behind Palm Tree Crew and the opportunities we have ahead of us. 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.”
— Palm Tree Crew CEO Michael Diaz
