Lyte Secures $33 Million In Additional Funding
Lyte has made the most of 2020 and has secured $33 million in Series B funding from investors including Chamath Palihapitiya’s Social Capital, Quincy Jones and Rocketship VC.
Lyte is a ticketing technology platform that allows fans to swiftly return their tickets, plus fees, at the original point of purchase for partnered events. Organizers can then re-sell that refunded ticket to someone else on a waiting list at a modified price determined with the help of an algorithm.
Lyte’s fundraising has now reached $48 million in total. It currently works with 300 tours, festivals, venues and live events.
Also returning as investors in this round of funding are Ryan Moore’s Accomplice, Jackson Square Ventures, Joe Edelman and Adam Stone (Lyte’s first seed investors), Philip Deutch, Zander Lurie, Matt Mickiewicz and Rob Goldberg.
Lyte founder and CEO Any Taylor and Chief Revenue Officer Lawrence Peryer spoke with Pollstar earlier in the year about the company’s response to the COVID-19 shutdown.
“It’s a really interesting and strange time to feel optimism [but we do],” Peryer said. “We’re trying to approach this not with a sense of opportunism, but thinking about how we can improve this process, to help these people [promoters, venue owners/operators, artists] who have positively impacted our lives for years. It’s great to be here to help these people work through it.”
Lyte now has proprietary Always OnSale ticket reservation technology that enables artists to determine demand ahead of official onsale dates through credit card reservations.