Kygo’s Palm Tree Crew Valued at $215 Million Following WME Group Investment

Palm Tree Crew, the entertainment, hospitality and concern institution of Norwegian shaper Kygo and manager Myles Shear, said connected Tuesday (Sept. 9) that it raised $20 cardinal from investors including WME Group.

The strategical concern with WME Group and different caller and existing investors successful the $20 cardinal Series B backing circular values the institution astatine $215 million. The backing volition beryllium utilized to put successful Palm Tree Crew’s adjacent signifier of expansion.

“As music, hospitality, lifestyle, and unrecorded experiences converge, Palm Tree Crew has rapidly established itself arsenic a taste unit astatine the halfway of it all,” WME Group president/CEO Mark Shapiro said successful a statement. “Our concern reflects some our assurance successful Palm Tree Crew’s imaginativeness and the earthy alignment betwixt our companies successful creating world-class experiences that captivate audiences astir the globe.”

Palm Tree Crew’s existent portfolio includes Palm Tree edifice and nine properties successful Miami, Kansas City, Las Vegas and Orlando, Fla. Its Palm Tree Festival has happened astir the satellite successful locations including Croatia, Sardinia and St. Tropez and editions successful U.S. locations including the Hamptons, N.Y.; Aspen, Colo.; Napa, Calif.; and an upcoming variation successful Montecito, Calif.

Palm Tree Holdings besides invests successful early-stage user and tech companies, providing founders with entree to its planetary selling abilities, endowment roster and concern improvement resources. Recent investments include Ryl Tea, Cove Sodas and SipMARGS.

“From time one, our extremity has been to physique much than a institution — we acceptable retired to make a manner marque that celebrates connection, culture, and the carefree tone of the tropics,” said Shear successful a statement. “With WME Group and our world-class investors down us, Palm Tree Crew volition proceed to standard bigger, spell bolder, and propulsion into caller territory crossed music, hospitality, and beyond.”

In a 2022 Billboard screen story, Shear and Kygo explained however they’ve modeled Palm Tree Crew connected Jimmy Buffett‘s Margaritaville empire, with Kygo saying Buffett “created truthful galore areas wherever [his fans] tin travel unneurotic — it doesn’t adjacent request to beryllium astatine his shows. It tin beryllium astatine his edifice oregon a Margaritaville bar. That’s what we’re trying to create: thing that’s bigger than the music. A community, a movement.”

“I wanted to crook Kygo into a mogul. He’s truthful overmuch much than conscionable music,” Shear said successful 2022. “Margaritaville is simply a legacy. Palm Tree Crew volition beryllium a legacy.”