Kygo performing live during his most recent world tour. Photo Credit: Johannes Lovund
Kygo- and Myles Shear-founded Palm Tree Crew has announced a $20 million Series B, a $215 million valuation, and plans for additional expansions yet. Five-year-old Palm Tree Crew (PTC) formally disclosed the raise and the buildout objectives today. Currently billed as a “global entertainment, hospitality, and investment holding company,” the business has made headlines for its startup stakes on multiple occasions.
Just in passing, that includes but isn’t limited to interests in Afterparty, Sound.xyz, and most recently social music app Hook.
However, Palm Tree Crew brought a namesake beach club to the MGM Grand (thereby adding Vegas to a properties list also featuring Miami, Orlando, and Kansas City) and took a piece of “lavish new hospitality concept” Mary Lou’s earlier in 2025.
All told, the self-described “year-round cultural platform” now “hosts nearly 10 flagship festivals annually across the globe,” according to the announcement.
Looking to capitalize on the momentum, PTC itself has scored funding this time around, with WME Group having led the Series B. “As music, hospitality, lifestyle, and live experiences converge,” weighed in WME president and COO Mark Shapiro, “Palm Tree Crew has quickly established itself as a cultural force at the center of it all. Our investment reflects both our confidence in Palm Tree Crew’s vision and the natural alignment between our companies in creating world-class experiences that captivate audiences around the globe.”
Besides WME, the round drew support “from a combination of existing and new investors,” per Palm Tree Crew, which is said to have stakes in Morgan Wallen co-founded Ryl Tea, Cove Soda, and SipMARGS as well.
At least in theory, there’s a clear-cut financial incentive to bring adult beverages and high-profile music happenings under the same corporate banner.
Apparently, though, Palm Tree Crew is open to investments that don’t necessarily fit into the live-music picture. In June, it participated in a $12 million round for Sauz, which is said to be ushering in a “new generation of tomato sauce.”
Back to PTC’s raise, CEO Michael Diaz in remarks of his own doubled down on the funding’s anticipated ability to “accelerate growth.” “This past year proved the power of Palm Tree Crew as both a global festival platform and a growing hospitality company, from expanding to new markets to forging cultural partnerships with world-class brands,” weighed in Diaz, who first joined Palm Tree Crew in 2022.
“Our new funding and partnership with WME Group will accelerate growth across live events and hospitality while enabling diversification into synergistic verticals,” the former LionTree managing director proceeded. “This new round of funding positions us to scale that momentum and deliver unforgettable experiences for fans around the world.”