Ticketing firm Cube raised $65 million from MUSIC, the holding firm based by music veteran Matt Pincus and LionTree, the corporate introduced Wednesday (Aug. 23). Pincus, MUSIC’s CEO and a co-founder of SONGS Music Publishing, which was acquired by Kobalt in 2017, will be part of Cube’s board of administrators.
Further buyers within the funding spherical embody Structural Capital; Ahdritz Holding LLC, an funding automobile for Kobalt Music founder Willard Ahdritz; Exor Ventures, a enterprise fund listed on the Euronext Amsterdam with a internet asset worth of €28.2 billion ($30.6 billion); and Mirabaud Way of life Fund, an funding fund of Mirabaud Asset Administration that focuses on firms that deal with the wants of Millennials and Technology Z shoppers.
Whereas Cube is a comparatively small participant in a subject crammed with giant rivals, Pincus considers Cube to be “a very totally different enterprise” than huge platforms reminiscent of Stay Nation’s Ticketmaster and AEG’s AXS. “Cube is a platform for followers,” he tells Billboard. Moderately than create a typical ticketing platform, Cube constructed a platform utilized by these younger shoppers that attend concert events most incessantly. “It’s a user-centric platform” individuals use to search out reveals, uncover tradition and way of life occasions in a brand new metropolis and and examine actions with mates, says Pincus. “They made ticket-buying enjoyable — which is de facto arduous to do.”
“We’re investing closely in constructing much more expertise and this yr alone we launched over 60 new options for followers, venues and artists,” Phil Hutcheon, CEO and founding father of Cube, mentioned in an announcement. “I’m excited that Matt (Pincus) has joined the board and we’re extra centered than ever on our mission to get followers out extra.”
The funding will assist Cube launch in new cities and additional its growth in Europe and United States and help ongoing funding in product improvement. The London-based firm believes it’s going to serve greater than 55,000 artists and over 10,000 venues, festivals and promoters this yr throughout 30 cities in the UK, United States, France, Germany, India, Italy and Spain.
Ahdritz’s relationship with Hutcheon goes again to 2015. “Having began AWAL at the moment, I wanted so many extra venues for all my acts to play,” Ahdritz mentioned in an announcement. “DICE delivers a transformative expertise for all stakeholders – from followers to venues to artists and appeared like the long run for dwell music. DICE has come a great distance on their imaginative and prescient, and at present it’s even clearer that the dwell business wants altering. I’m excited to have the chance to be a part of the corporate as an investor.”
“Structural Capital may be very excited to be concerned in serving to DICE proceed its success and future progress,” Kai Tse, Structural Capital co-founder and managing associate, mentioned in an announcement. “We consider DICE is a real business innovator.”
Cube additionally introduced the appointment of Ali Byrd as chief monetary officer. Byrd was beforehand with healthcare expertise firm Olive and has held senior positions at Microsoft, Limewire and CoverWallet.
