Quincy Jones-Backed Ticketing Platform Lyte Tops $38 Million In Financing
Lyte has raised an additional $5 million as part of its Series B funding round. That brings the round’s total raised to $38MM.
Lyte pas partnered with over 300 major tours, events, and festivals for powering their ticketing. Some of those partners include Coachella and the Newport Folk Festival. Lyte’s leadership team believes it is the answer to live ticketing needs after the COVID pandemic.
“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,” says Ant Taylor, Lyte’s 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.”
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, Quincy Jones, Rocketship VC, Ryan Moore’s Accomplice, and Jackson Square Ventures.
Lyte’s original seed investors Joe Edelman and Adam Stone, return to fund and support the company. Philip Deutch, Zander Lurie, Matt Mickiewicz, and Rob Goldberg are also part of the Lyte funding round.
Lyte is changing up how ticketing works by helping artists intelligently create route tours. Instead of relying on passive methods of understanding market demand, Lyte helps determine active demand. Fans can place a credit card reservation to secure a guaranteed opportunity to purchase tickets.
Fans are only charged once the date and concert venue has been confirmed and announced. The reservation can be canceled at any time. Placing pre-orders for concerts helps artists determine when and where they should appear while booking the proper-size venue based on local demand. Lyte says it aims to reimagine event ticketing for artists, venues, and fans.
“Lyte’s mission is to fill every seat with real tickets at fair prices and make the entire experience delightful and simple,” the company says. Artists like Jacob Collier have already announced a 91-stop tour based on data gathered by Lyte. Lyte hopes how it handles reserve ticketing will help reduce the prevalence of scalping.
Ticketmaster has faced several lawsuits over the last two years. The company’s refund policy following the COVID-19 pandemic came under fire for being particularly unforgiving. Ticketmaster has taken those cases to arbitration, as ruled by the terms of service customers’ sign when they purchase a ticket from Ticketmaster.