Photo: Danny Howe on Unsplash
Dice has finalised a $65m funding round that will be focussed on expanding its presence across the lucrative US market and globally.
The investment round was led by Music, the investment company focused exclusively on the music sector, which was founded by Matt Pincus, the executive behind Songs Music Publishing. Pincus will also join Dice’s board of directors.
The business said the funding will help accelerate its launch in new cities, as it continues its expansion across the US and across the world. This new funding will also support its ongoing product investments aimed at enhancing fan experience and removing barriers preventing people from going out more.
Other investors include Structural Capital and Ahdritz Holding LLC, the investment vehicle for Willard Ahdritz, founder and chairman of Kobalt Music. Follow-on investments have been made by Exor Ventures and Mirabaud Lifestyle Fund.
Phil Hutcheon, chief executive and founder of Dice, said: “The live music industry is adopting DICE faster than ever and proves our thesis that if you treat fans well, they buy more tickets, and go out more often.
“We’re investing heavily in building even more technology and this year alone we released over 60 new features for fans, venues and artists. I’m excited that Matt (Pincus) has joined the board and we’re more focused than ever on our mission to get fans out more.”
New partnerships to be announced in the coming weeks mean that Dice now will be ticketing live events in Austin, Texas. It also follows landmark deals in Europe, including London’s iconic Alexandra Palace, and cutting-edge cultural centre, the Institute of Contemporary Arts, alongside recent renewals with Troxy, amongst others.
Dice said 55,000 artists and more than 10,000 venues, festivals and promoters will use its services this year to sell their tickets across 30 cities.
Pincus said: “Dice did the impossible: They made buying a ticket fun. And by doing that, they became much more than a transaction provider. Dice is the premier user-centric engagement platform for the most important consumers in music: people who love to go to shows.”
Dice welcomed $122m of Series C investment in November 2021, with that round led by SoftBank Vision Fund 2 and iPod developer Tony Fadell’s Future Shape.
The new investment round comes just weeks after Dice confirmed a number of layoffs across its global workforce. It said it was seeking to restructure parts of its business to ensure it can focus on its most important initiatives.
Dice has made a string of strategic hires including the appointment of esteemed music industry veteran, Caron Veazey, to its board of directors, as well as former SVP of growth and marketing at HBO Max, Katie Soo, as chief business officer to help drive the company’s strategic growth propositions and marketing.
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