Fever has raised USD $250 million in a primary equity financing round, with backing from Australian venture capital firm Athletic Ventures.
The company described it as the largest round raised by a live-entertainment technology business. EQT led the financing, with Point72 Private Investments, Baillie Gifford and existing investors also participating.
The funding follows three years in which Fever more than tripled revenue while remaining EBITDA-positive. The business operates in 55 countries and plans to use the capital to expand its geographic reach and deepen its presence across entertainment categories.
Its Australian operations have also grown sharply since launch. The number of experiences it offers in Australia has increased more than tenfold since entering the market in 2021.
Investor backing
Athletic Ventures is a venture fund co-founded by former athletes Matt de Boer and Matthew Dellavedova. It joined a syndicate that includes several of Fever's best-known global backers.
"I've spent my career thriving off the energy that the crowd brings, and it is truly irreplaceable. I'm excited that Athletic Ventures has invested in the platform that brings these experiences to life. We're pleased to be supporting Fever alongside EQT, Point72 and Baillie Gifford," said Matthew Dellavedova, Co-founder of Athletic Ventures.
"Across my AFL career, I learned that the moments people remember most are the ones shared live with a crowd. Fever has built an elite platform that puts more of those moments in front of more people, in 800+ cities around the world. We're incredibly impressed with the team and proud to be backing them in the next stage of their growth," said Matt de Boer, Co-founder of Athletic Ventures.
Expansion plans
Fever will direct the funds towards further international expansion and increased investment in technology and tools used by partners such as promoters, venues, sports teams, attractions, artists, museums and cultural institutions. Those tools help partners assess demand, reach audiences, manage ticketing and take formats into additional markets.
The group has also been expanding its work in sport as well as cultural events. Its partner network includes Formula 1, SailGP, X Games, the FIFA Arab Cup, Kew Gardens, the National Museum of the Royal Navy and the Frida Kahlo Museum, alongside existing relationships with FC Barcelona, Atlético de Madrid, the Palace of Versailles, Netflix and Warner Bros.
Among its most significant recent agreements is a deal with Formula 1. Fever will act as an Official Supplier through 2031 under a global arrangement covering ticketing technology and fan-experience optimisation across every Grand Prix sold through Formula 1's official global website.
Live events focus
The financing comes as investors continue to weigh how artificial intelligence will reshape parts of the technology sector. Fever is positioning itself around demand for in-person events, arguing that shared live experiences remain resilient as consumers look for entertainment beyond screens.
That approach has helped the company build scale across exhibitions, sports, theatre, museums, concerts and festivals. Over the past year, Fever said it reached more than 300 million people through its platform.
For Athletic Ventures, the deal adds a consumer-facing technology company with a strong live-events presence to its portfolio. The Australian fund has built its identity around using elite athletes and high performers as investors and advisers to portfolio businesses.
The round also underlines continued investor appetite for companies tied to experiences rather than purely digital consumption. Fever has maintained growth while building links with major institutions across sport, culture and entertainment.
Under the Formula 1 arrangement, Fever will support the international distribution of official race tickets, hospitality and Paddock Club packages.