Ticketing Company Dice Raises $65 Million From MUSIC, Ahdritz Holding, Others
Written by djfrosty on August 23, 2023
Ticketing company Dice raised $65 million from MUSIC, the holding company founded by music veteran Matt Pincus and LionTree, the company announced Wednesday (Aug. 23). Pincus, MUSIC’s CEO and a co-founder of SONGS Music Publishing, which was acquired by Kobalt in 2017, will join Dice’s board of directors.
Additional investors in the funding round include Structural Capital; Ahdritz Holding LLC, an investment vehicle for Kobalt Music founder Willard Ahdritz; Exor Ventures, a venture fund listed on the Euronext Amsterdam with a net asset value of €28.2 billion ($30.6 billion); and Mirabaud Lifestyle Fund, an investment fund of Mirabaud Asset Management that focuses on companies that address the needs of Millennials and Generation Z consumers.
While Dice is a relatively small player in a field filled with large competitors, Pincus considers Dice to be “a completely different business” than big platforms such as Live Nation’s Ticketmaster and AEG’s AXS. “Dice is a platform for fans,” he tells Billboard. Rather than create a standard ticketing platform, Dice built a platform used by those young consumers that attend concerts most frequently. “It’s a user-centric platform” people use to find shows, discover culture and lifestyle events in a new city and and compare activities with friends, says Pincus. “They made ticket-buying fun — which is really hard to do.”
“We’re investing heavily in building even more technology and this year alone we released over 60 new features for fans, venues and artists,” Phil Hutcheon, CEO and founder of Dice, said in a statement. “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.”
The funding will help Dice launch in new cities and further its expansion in Europe and United States and support ongoing investment in product development. The London-based company believes it will serve more than 55,000 artists and over 10,000 venues, festivals and promoters this year across 30 cities in the United Kingdom, United States, France, Germany, India, Italy and Spain.
Ahdritz’s relationship with Hutcheon goes back to 2015. “Having started AWAL at that time, I needed so many more venues for all my acts to play,” Ahdritz said in a statement. “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.”
“Structural Capital is very excited to be involved in helping DICE continue its success and future growth,” Kai Tse, Structural Capital co-founder and managing partner, said in a statement. “We believe DICE is a true industry innovator.”
Dice also announced the appointment of Ali Byrd as chief financial officer. Byrd was previously with healthcare technology company Olive and has held senior positions at Microsoft, Limewire and CoverWallet.