Lyte Raises Additional $5 Million In Series B Funding

– Lyte
Lyte announced today it has raised an additional $5 million in Series B funding, bringing the total amount raised during this Series B round up to $38 million and its total funds raised up to $53 million.
The company previously announced it had secured $33 million in Series B funding from investors like Chamath Palihapitiya’s Social Capital, Quincy Jones and Rocketship VC in December. Now joining those investors are Uncorrelated, AllRise, Brian Distelburger and Ed Roman.

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.

“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,” Ant Taylor, Lyte founder and CEO said in a statement.  “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 – a ticketing technology platform that allows fans to swiftly return their tickets, plus fees, at the original point of purchase for partnered events – works with some of the cream of the North American festival crop, including Coachella, Bonnaroo and Newport Folk Festival. Now the company has partnered with 300 tours and announced its first international partnership in December with New Zealand ticketer Ticketspace.

In addition to its ability to provide full refunds to major events, Lyte has started have fans credit card place reservations to secure guaranteed opportunities to purchase  tickets, but will only charge the fans once the date and venue are confirmed and announced. 

Lyte promoted Lawrence Peryer to the role of Chief Strategy Officer last month and added Wendi Sturgis as Chief Revenue Officer.