Investment firm Sixth Street, through its Sixth Street Growth platform, has made a $130 million equity investment in atVenu, a live event commerce and music merchandise sales platform based in California and Canada.
atVenu’s software is used to manage payments, logistics and inventory of merchandise, food and beverages at concerts, festivals and sporting events.
Founded in 2012, atVenu says it is “the world’s largest traveling artist, Merchandiser, record company, site Operator, festival sponsorand food and beverage franchisees”.
Ed Sheeran was reportedly one of the first artists to use software developed by atVenu, and the company now counts Coachella and RedRocks as clients.
The company claims to have established itself as a “leader in music merchandise” and says it handles more than $1.6 billion Annual merchandise and food and beverage sales.
Company software has been used more than 125,000 A variety of events are hosted every year, from small clubs and mid-sized amphitheaters to stadiums, venues, festivals and sporting events around the world.
atVenu co-founder and president Ben Brannen is a music industry veteran with more than 20 years of experience in publishing, independent record labels and artist management.
Brannen confirmed the investment in a LinkedIn post today (October 9). “atVenu raised $130 million in equity from Sixth Street Growth,” he wrote. “I’m still hung up on that. It feels like it wasn’t that long ago that I was driving a van and trailer hawking wares. It feels like it wasn’t that long ago that I wanted to make this happen. easier.
Sixth Street Growth is described as a dedicated growth investing platform for investment firms 6th streetwhich has exceeded $80 billion “Managed assets and committed capital”.
Sixth Street Report has invested over $10 billion Since its inception, it has served more than 70 companies through its Growth franchise.
atVenu’s new backers have previously invested in Real Madrid, Barcelona Football Club, San Antonio Spurs and Sounders FC.
In 2017, Sixth Street directed love radio.
Michael McGinn, Sixth Street partner and co-head of Sixth Street Growth, noted today that the investment in atVenu “reflects Sixth Street’s continued belief in and commitment to the live events ecosystem.”
Sixth Street’s financial partnership with atVenu also comes against the backdrop of continued interest from the wider investment community in the booming live events sector.
The most recent example was KKR’s acquisition of the European live music giant in June superstructure in a $1.4 billion transaction while black stone Acquired a minority stake Ambassador Theater Companywhich operates historic venues in London and New York.
July, Burundi London-based ticketing platform DICE is reportedly in advanced talks to sell a large stake in the company, which could value the company at “hundreds of millions of dollars.” DICE has raised over US$200 million In terms of funding, including $65 million in financing leader musicthe investment company consists of Matt Pincus and lion treeAugust 2023.
Elsewhere, as we noted last month, two of the living nation The main shareholders are Vanguard Group and investment companies BlackRock.
“The company’s vision and belief in the growth opportunities of live events fully align with ours.”
Ben Brannen, atVenu
“We are excited to partner with Sixth Street to begin atVenu’s next chapter,” said Ben Brannen, co-founder and president of atVenu.
“The company’s vision and belief in the growth opportunity of live events fully aligns with ours. The opportunity to join forces with their team and deploy our combined resources to expand Venu’s reach is incredibly exciting.
“Sixth Street clearly shares this mission and clear purpose and will add tremendous value as our impact on this industry continues to accelerate.”
Derek Ball, atVenu
Derek Ball, co-founder and CEO of atVenu, added: “For the past decade, atVenu has been focused on helping our clients create successful and profitable events.
“Sixth Street clearly shares this mission and clear purpose and will add tremendous value as our impact on this industry continues to accelerate.”
“This investment reflects Sixth Street’s continued belief in and commitment to the live events ecosystem.”
McCormick, Sixth Street
Michael McGinn, Partner at Sixth Street and Co-Head of Sixth Street Growth, said: “Ben, Derek and James have built a world-class platform and organization with unparalleled dedication to their clients, and we are delighted to be able to support them in : Continuing to build a leader in the live event business market.
“atVenu’s innovative solutions are inspired by the founders’ deep roots and first-hand experience in the live events space, supporting stakeholders across the value chain.”
Michael Ball, Growing Up on Sixth Street
Michael Bauer, principal of Sixth Street Growth, added: “atVenu’s innovative solutions are inspired by the founders’ deep roots and first-hand experience in the live events space, helping stakeholders across the entire value chain.
“We believe atVenu is uniquely positioned to capitalize on the exciting opportunities ahead and we look forward to supporting them on this journey.”global music business
