Kygo’s Palm Tree Crew Valued at $215 Million Following WME Group Investment

Palm Tree Crew, the entertainment, hospitality and investment company of Norwegian producer Kygo and manager Myles Shear, said on Tuesday (Sept. 9) that it raised $20 million from investors including WME Group.

The strategic partnership with WME Group and other new and existing investors in the $20 million Series B funding round values the company at $215 million. The funding will be used to invest in Palm Tree Crew’s next phase of expansion.

“As music, hospitality, lifestyle, and live experiences converge, Palm Tree Crew has quickly established itself as a cultural force at the center of it all,” WME Group president/CEO Mark Shapiro said in a statement. “Our investment reflects both our confidence in Palm Tree Crew’s vision and the natural alignment between our companies in creating world-class experiences that captivate audiences around the globe.”

Palm Tree Crew’s current portfolio includes Palm Tree hotel and club properties in Miami, Kansas City, Las Vegas and Orlando, Fla. Its Palm Tree Festival has happened around the world in locations including Croatia, Sardinia and St. Tropez and editions in U.S. locations including the Hamptons, N.Y.; Aspen, Colo.; Napa, Calif.; and an upcoming edition in Montecito, Calif.

Palm Tree Holdings also invests in early-stage consumer and tech companies, providing founders with access to its global marketing abilities, talent roster and business development resources. Recent investments include Ryl Tea, Cove Sodas and SipMARGS.

“From day one, our goal has been to build more than a company — we set out to create a lifestyle brand that celebrates connection, culture, and the carefree spirit of the tropics,” said Shear in a statement. “With WME Group and our world-class investors behind us, Palm Tree Crew will continue to scale bigger, go bolder, and push into new territory across music, hospitality, and beyond.”

In a 2022 Billboard cover story, Shear and Kygo explained how they’ve modeled Palm Tree Crew on Jimmy Buffett‘s Margaritaville empire, with Kygo saying Buffett “created so many areas where [his fans] can come together — it doesn’t even need to be at his shows. It can be at his hotel or a Margaritaville bar. That’s what we’re trying to create: something that’s bigger than the music. A community, a movement.”

“I wanted to turn Kygo into a mogul. He’s so much more than just music,” Shear said in 2022. “Margaritaville is a legacy. Palm Tree Crew will be a legacy.”