SaveLive, a platform launched in 2020 to help struggling concert venues during the pandemic, has raised $135m (£104m/€124m) in funding.
The platform was launched by Marc Geiger and John Fogelman, who were previously music executives for talent and media agency, WME. As well as the financing, SaveLive has also announced its first round of partners, which include 20 mid-size venues across the US.
Investors in SaveLive include venture capital and private equity investor Breyer Capital, investment manager Deep Field Asset Management, capital market company Raptor Group and investment firm Shamrock Capital.
Geiger, who was the co-founder of the Lollapalooza festival, launched the company in October 2020 to invest in small clubs and support these venues. Some partnerships with venues would see SaveLive acquire a stake in the venue, but each collaboration is different.
Some of the venues announced as initial partners include The Alibi in Palm Springs, Hammerjacks in Monterey, The Marquis in Park City, The Criterion Ballroom in Oklahoma City and Tech Port Arena in San Antonio.
Geiger said: “When John and I started this mission in late 2020, the live business was feeling pretty hopeless as the pandemic was hitting the sector head on. All I did during this time was listen to music and obsess on ideas on how to help the independent live industry.
“It was clear streaming services plus the pandemic changed the concert industry for good and Web 3.0 is going to change it even more. We used that downtime to raise capital of like-minded and long-term investors, build a music-focused team of professionals, and ultimately build our version 1.0 of our partner network. Eighteen months later, the live business is rushing back to record levels and it’s time to launch.”