Palm Tree Crew Secures $20 Million in Funding: Expanding Reach in Entertainment, Hospitality, and Investment Sectors
Palm Tree Crew, the company founded by Norwegian producer Kygo and manager Myles Shear, recently secured $20 million in funding from investors, including WME Group. This strategic partnership and Series B funding round valued the company at $215 million, enabling Palm Tree Crew to further expand its reach in the entertainment, hospitality, and investment sectors. The investment will support the company's growth and development as it continues to make a mark in the industry.
With a focus on music, hospitality, lifestyle, and live experiences, Palm Tree Crew has emerged as a significant cultural presence. The company's diverse portfolio includes hotel and club properties in Miami, Kansas City, Las Vegas, and Orlando, as well as the popular Palm Tree Festival held in various global locations. Additionally, Palm Tree Holdings invests in early-stage consumer and tech companies, leveraging its marketing expertise and resources to support founders in their ventures.
Myles Shear emphasized the company's vision of creating a lifestyle brand that embodies connection, culture, and the carefree spirit of the tropics. With the backing of WME Group and other investors, Palm Tree Crew is poised to expand its presence across music, hospitality, and beyond. The company's goal is to scale up, innovate, and explore new opportunities in the industry, building on its success and reputation.
In a recent interview, Shear and Kygo drew parallels between Palm Tree Crew and Jimmy Buffett's Margaritaville empire, highlighting the community-focused approach of creating spaces where fans can come together beyond music events. They aim to establish a legacy similar to Margaritaville, transcending music to become a movement that celebrates a lifestyle and fosters a sense of belonging. Through their shared vision and strategic partnerships, Palm Tree Crew is set to leave a lasting impact on the entertainment and hospitality landscape.