Palm Tree Crew, a startup co-founded by Norwegian DJ and music producer Kygo, raised $6 million from investors to build a live events and hospitality business headquartered in Miami.
The funding round was backed by an array of investors that include Ripple Labs CEO Brad Garlinghouse, Khosla Ventures Managing Director Keith Rabois and Barry Sternlicht, billionaire chairman and CEO of Starwood Capital Group.
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Kygo, who's full name is Kyrre Gørvell-Dahll, started Palm Tree Crew with his manager Myles Shear. The company operates a live events and hospitality business, a lifestyle consumer brand and a venture arm that invests in early stage consumer and technology brands.
“Our vision is to create unforgettable moments and opportunities that reflect our mission to promote connection, fun, innovation — and of course, the tropical lifestyle," Gørvell-Dahll said in a statement.
Palm Tree Crew reports it now has a $150 million valuation.
Kygo is famous for pioneering a genre of electronic music called "tropical house" that took off in the 2010s. The music features instruments like steel drums, flutes, trumpets and marimbas.
The company's flagship Palm Tree Music Festival was held in eight U.S. and international locations in 2023. The festival, which showcased performers like Jack White and Ellie Goulding, attracted about 100,000 ticketed attendees. The festival is set to return in 2024, but locations have not been announced.
Additionally, its lifestyle brand sells everything from sweatshirts to sneakers, all with a tropical and palm tree-heavy theme.
Palm Tree Crew will use the funds from the capital raise to expand its live events and hospitality businesses, according to a news release. That includes a restaurant concept that will be revealed later this year.
“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," CEO Michael Diaz said.
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