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Lyte raises an additional $5m in Series B funding

Lyte, the San Francisco-based ticket exchange service, has secured an additional $5m in Series B funding, which brings its total to $38m.

The funding round, which was initially announced in December, is a combination of equity and debt, and brings the four-year-old firm’s overall financing to date to $53m.

Lyte previously announced it had secured $33m in Series B funding from investors like Chamath Palihapitiya’s Social Capital, Quincy Jones and Rocketship VC. The additional funding sees Uncorrelated, AllRise, Brian Distelburger and Ed Roman join those investors.

Ant Taylor, Lyte founder and chief executive, said: “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.

“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.”

Lyte has partnered with over 300 major tours, events and festivals including Coachella and Newport Folk Festival.

The ticketing technology platform offers customers who were unable to purchase primary market tickets the opportunity to buy tickets returned by original purchasers who ultimately cannot go. Customers seeking tickets may join an event’s official waitlist and customers whose plans have changed may securely return their purchased tickets.

Lyte’s ticketing partners then issue new valid tickets with new barcodes to the next customer on the official waitlist.

In addition to this service, the firm has begun having fans use their credit cards to place reservations to secure guaranteed opportunities to purchase tickets, but will only charge the fans once the date and venue are confirmed and announced.

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