DICE announces $65m funding round to fuel its continued global growth23 August 2023 - Press release
- MUSIC, the holding company co-founded by Matt Pincus and LionTree, leads the round. MUSIC CEO Pincus to join the Board of Directors of DICE.
- Funding to accelerate DICE’s global expansion and a slew of new products that will be released this year.
- Other investors include Ahdritz Holding LLC, Structural Capital, Exor Ventures and Mirabaud Lifestyle Fund.
- Comes as DICE readies to launch in Austin with new partnerships.
- DICE also strengthens its executive leadership team with appointment of Ali Byrd as Chief Financial Officer.
- Phil Hutcheon, CEO of DICE, recently joined President Biden at the White House to show how it’s leading the industry with a fan-first model for ticketing
DICE, the world’s largest independent music ticketing platform, has today announced it has raised a $65m funding round led by MUSIC, the first-ever diversified investment company focused exclusively on music and music-adjacent businesses. Mr. Pincus, MUSIC’s CEO, will also join the DICE Board of Directors. Other investors include Structural Capital and Ahdritz Holding LLC, the investment vehicle for Willard Ahdritz, founder and chairman of Kobalt Music; with follow on investments from Exor Ventures and Mirabaud Lifestyle Fund.
The funding will help accelerate DICE’s launch in new cities, as it continues its expansion across the US and globally. New partnerships to be announced in the coming weeks mean that DICE is now bringing a fairer and more transparent approach to ticketing live events to Austin, with details to follow. It also follows landmark deals in Europe, including iconic venue Alexandra Palace, and cutting-edge cultural center, the Institute of Contemporary Arts, alongside recent renewals with Troxy, amongst others.
DICE now has millions of fans using the platform to discover and attend live events. This year, over 55,000 artists and 10,000+ venues, festivals and promoters will use DICE to sell their tickets across 30 cities.
Phil Hutcheon, CEO and Founder of DICE, said: “The live music industry is adopting DICE faster than ever and proves our thesis that if you treat fans well, they buy more tickets, and go out more often. We’re investing heavily in building even more technology and this year alone we released over 60 new features for fans, venues and artists. I’m excited that Matt (Pincus) has joined the Board and we’re more focused than ever on our mission to get fans out more.”
Earlier this summer, Phil joined President Biden at the White House to show how DICE has been leading the way on transparent and fair ticket pricing, protecting fans from resellers and junk fees. Phil continued: “It was an honor to be part of the discussion with President Biden and we are proud to be part of the Fix The Tix coalition. Doing the right things for fans is always our priority at DICE.”
DICE’s easy-to-use app locks tickets to smartphones, keeping tickets in the hands of real fans while ensuring fair and transparent pricing.
This new funding will also support DICE’s ongoing product investments aimed at creating the best possible experience for fans and removing barriers preventing people from going out more.
DICE has continuously invested in Discovery and each fan’s app is personalised for them, helping them find amazing new artists as well as ensuring they don’t miss out on their favorite artists. Nearly 50% of all tickets sold are via Discovery.
DICE also recently introduced a new fan feature named Groups, making it easier to connect with friends and co-ordinate going out for live events, reducing the stress of group admin and fatigue from switching between multiple apps.
Matt Pincus, entrepreneur, investor and Co-Founder and CEO of MUSIC, said: “DICE did the impossible: They made buying a ticket fun. And by doing that, they became much more than a transaction provider. DICE is the premier user-centric engagement platform for the most important consumers in music: people who love to go to shows.”
Willard Ahdritz, founder of Ahdritz Holdings LLC and founder and chairman of Kobalt Music, said: “I met Phil in 2015 having heard about DICE. Rolling out AWAL at that time, I needed so many more venues for all my acts to play. DICE delivers a transformative experience for all stakeholders - from fans to venues to artists and looked like the future for live music. DICE has come a long way on their vision, and today it’s even clearer that the live industry needs changing. I am excited to have the opportunity to be part of the company as an investor.”
Kai Tse, Structural Capital Co-Founder & Managing Partner, said: “Structural Capital is very excited to be involved in helping DICE continue its success and future growth. We believe DICE is a true industry innovator.”
Also announced today is the appointment of Ali Byrd as DICE’s Chief Financial Officer. Ali joins DICE with more than a decade’s experience supporting fast-growth companies, most recently at Olive, a disruptive AI healthcare technology company based in the US. He previously held senior positions at Microsoft, CoverWallet and Limewire. Ali will be based in New York.
This funding follows a string of strategic hires including the appointment of esteemed music industry veteran, Caron Veazey, to DICE’s Board of Directors, as well as former SVP of Growth and Marketing at HBO Max, Katie Soo, as Chief Business Officer to help drive the company’s strategic growth propositions and marketing.