EventFund Announces New Deposit Financing Product To Aid Promoters, Venues

Jacob Israel
– Jacob Israel

Event financing platform EventFund has announced a new Deposit Financing product, in which it will partner with qualified event promoters to cover talent deposits for a flat fee.

EventFund partners with event producers to provide capital and back-office services, also offering a “unique downside protection program” against unexpected losses.
To go along with the new deposit financing product, EventFund has brought entertainment veteran Jacob Israel to the fold as partner. 
“I’m thrilled to join the EventFund team to help visionary creatives offer unforgettable experiences to their audiences,” Israel said. “Deposit financing is a fantastic tool to help our partners grow their business.”
For the Deposit Financing offering, EventFund says it intends for their partners’ recurring event revenue and one-time advances or grants to be available for reinvestment, not tied up in talent deposits for future shows. 
Co-founder Jake Kasheta says, “Based on feedback from our awesome promoter partners, we wanted to roll out a simpler product that has a predictable fee structure instead of a variable revenue share. This will streamline deals and help our partners keep more of their hard-earned ticket revenue compared to a co-pro or other revenue share model.”
Israel’s background includes developing premium hospitality opportunities for brands and customers for WME parent-company Endeavor’s Experiences division.
He joined Endeavor in their acquisition of Bkstg, the Live Nation and Scooter Braun-backed superfan platform, where he grew artist partnerships and commercial opportunities.
Before that, Israel worked at talent management company Big Frame within AwesomenessTV.
EventFund began working with promoters more than three years ago but the pandemic made the need for capital more urgent. The company calls itself the first-ever financial platform providing event organizers non-dilutive capital, covering expenses in exchange for a share of profits and providing a “unique downside protection program” against unexpected losses. 
“We understood that there may be an opportunity to engage almost akin to a co-promoter, but without the same type of creative oversight or booking oversight that a conventional co-promoter would have, and with friendlier deal terms, if we could do it at scale,” EventFund o-founder Jon Haile told Pollstar last year. EventFund’s strategy is to help create a financial model with goals, then fund an expense account, provide revenue and expense tracking and finally provide a settlement report that includes the event producer’s share of the revenue according to the agreement.