Norwegian DJ Kygo‘s entertainment powerhouse, Palm Tree Crew, has secured a significant financial windfall, raising $20 million in Series B funding led by global entertainment giant WME Group. The capital injection catapults the company’s valuation to an impressive $215 million, cementing its position as a formidable player in the convergence of music, hospitality, and lifestyle sectors.
Founded by Kygo (Kyrre Gørvell-Dahll) and his manager Myles Shear, the company has rapidly established itself as a diversified holding entity spanning multiple entertainment verticals. The duo understands the importance of audience targeting when promoting their festivals and expanding their brand reach.
Founded by superstar DJ Kygo and manager Myles Shear, Palm Tree Crew has quickly evolved into a multi-faceted entertainment powerhouse.
The investment round, which included participation from a mix of undisclosed existing and new investors, aims to accelerate Palm Tree Crew’s already ambitious global expansion trajectory. Since its launch in January 2024, the company has demonstrated remarkable growth, opening four hospitality venues including the Palm Tree Beach Club at MGM Grand Las Vegas and Palm Tree Club & Hotel in Miami, with additional locations in Kansas City and Orlando. These venues complement the company’s portfolio of nearly 10 flagship music festivals organized worldwide each year.
Mark Shapiro, President and COO of WME Group, publicly endorsed Palm Tree Crew’s vision, highlighting the company’s unique position at the intersection of cultural and experiential entertainment. “Palm Tree Crew represents the convergence of music, hospitality, lifestyle, and live experiences,” Shapiro noted in his endorsement of the investment. The strategic partnership will provide Palm Tree Crew with access to WME’s vast entertainment network.
The company’s festival operations have attracted major performers like Calvin Harris and A$AP Rocky, helping to establish Palm Tree Crew as a significant force in the live music industry. This festival-focused approach exemplifies how musicians can leverage sync deals to create additional revenue streams beyond traditional music sales and streaming.
The strategic partnership between the two entities is designed to create world-class global experiences for audiences while fostering synergy between the entertainment and hospitality industries.
Beyond physical venues and festivals, Palm Tree Crew has strategically invested in various startups focused on social music applications and lifestyle brands, including Afterparty, Sound.xyz, and the Hook app. The company recently expanded its portfolio by acquiring stakes in luxury hospitality concepts like Mary Lou’s.
This diversified approach reduces Palm Tree Crew’s reliance on any single revenue stream, contributing to investor confidence in the company’s $215 million valuation. As Palm Tree Crew continues to blend cultural experiences with hospitality and entertainment, it solidifies its reputation as an innovative force in the lifestyle and entertainment landscape of 2025.
