Dice, a London-based events firm that has developed a platform to help users explore and attend live events that could be of interest to them, has reportedly secured over $122 million in a Series C investment round, which sources estimate puts the firm's valuation at $400 million.
According to reports, the investment round was led by SoftBank Vision Fund 2 with prior backers, including iPod "father", Nest's co-founder Tony Fadell, French entrepreneur Mirabaud, Blisce, Xavier Niel, Evolution and Cassius also participating.
DeepMind co-founders Demis Hassabis and Mustafa Suleyman are among the company's previous investors, which is worth noting considering the company's early focus on data science as well as recommendation algorithms.
These days, Dice is mainly oriented towards live music, and during the peak of the COVID-19 pandemic, when everyone was quarantined, it rearranged its business model to concentrate towards live streaming; presently, with thousands of in-person events and more than 6,400 live-streamed events under its belt.
To cater to a wider audience with a more extensive array of needs, it is broadening its horizons around a multi-modal strategy, offering options to explore and purchase tickets to both live in-person and streamed events.
The new investments will be used to enlarge Dice's geographical reach, with a particular focus on the United States, because this is where Dice's business appears to be expanding the fastest at present. The investment comes as cities and customers across the globe slowly emerge from COVID-19 pandemic to spend some time together again.
Ticketing for events is dominated by companies like Live Nation, Ticketmaster, Eventbrite, and StubHub, but Dice co-founder and CEO, Phil Hutcheon, believes that these and other legacy systems are too rigid and unfit for the current age, particularly modern expectations.
They are costly to use for both event organizers and customers, and they have been slow to recognize few of the more damaging aspects of the event sector, such as counterfeiting and ticket touting, as well as some potentially promising aspects, such as offering better information and insight to event organizers with the help of all the data gathered from the average customer and event browser.