Kygo’s Palm Tree Crew Announces New $20M Funding Round, Reaching $215M Valuation
Palm Tree Crew, the global entertainment, hospitality, and investment holding company founded by superstar DJ and producer Kygo and his longtime manager Myles Shear, has just announced a major milestone. The company closed a $20 million Series B funding round led by WME Group, placing its valuation at $215 million and setting the stage for an ambitious next chapter.
A Strategic Partnership with WME
The investment isn’t just about capital. By aligning with WME Group, Palm Tree Crew gains access to a vast sports, entertainment, and licensing network. According to WME Group President & COO Mark Shapiro, the partnership reflects a shared vision: “Palm Tree Crew has quickly established itself as a cultural force at the center of music, hospitality, lifestyle, and live experiences.”
From Festivals to Hospitality
Since early 2024, Palm Tree Crew has rapidly expanded beyond music festivals, positioning itself as a global lifestyle brand. In less than a year, the company opened four new hospitality properties:
- Palm Tree Beach Club (Las Vegas)
- Palm Tree Club & Hotel (Miami)
- Palm Tree Club Kansas City
- Palm Tree Club Orlando
On the festival front, Palm Tree Crew has scaled globally with new destinations in Montecito, Napa, Saint-Tropez, and Sardinia. Its Saint-Tropez debut featured headliners A$AP Rocky and Swedish House Mafia, drawing celebrities like Rita Ora, Kyle Kuzma, and Winnie Harlow.
A Cultural & Economic Force
Palm Tree Crew’s impact goes beyond music. At its first Aspen festival, the company generated $88.3 million in local economic activity, boosting hotel occupancy, restaurant revenue, and ticket resale demand. Today, Palm Tree Crew hosts nearly 10 flagship festivals annually, with lineups featuring Calvin Harris, The Chainsmokers, John Mayer, and Kygo himself.
Its cultural footprint extends into fashion and brand partnerships. Palm Tree Crew’s merch line, spotted on stars like Travis Kelce and Morgan Wallen, has become a celebrity favorite, while collaborations with Amazon, DraftKings, Tequila Don Julio, and Revolve cement its year-round presence.
Looking Ahead
With this Series B round, co-founder Myles Shear says the company is ready to “scale bigger, go bolder, and push into new territory across music, hospitality, and beyond.” CEO Michael Diaz added that the partnership with WME will fuel diversification into new verticals while expanding Palm Tree Crew’s global event and hospitality platforms.
Alongside its entertainment ventures, Palm Tree Holdings continues to back early-stage consumer and tech startups. Recent investments include Ryl Tea, Cove Sodas, and SipMARGS, with social media star Alix Earle joining as both investor and ambassador.
Palm Tree Crew’s Series B round signals that what started as Kygo’s tropical-inspired lifestyle vision is now a global cultural powerhouse, and with WME on board, its next era looks even bigger.
