Fever, Owner of DICE, Secures $250M Led by EQT, Reaching $5.2B Valuation

DICE owner Fever raises $250M led by EQT, at a $5.2B valuation, in ‘largest ever’ round for a live-entertainment tech company

September 17, 2026 By Mandy Dalugdug

Live-entertainment platform Fever has raised USD $250 million in a primary equity financing round.

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The round was led by EQT , a new investor in the company, with participation from fellow newcomer Baillie Gifford , existing backer Point72 Private Investments , and other existing shareholders.

Fever , which owns UK-headquartered ticketing platform DICE , announced the financing on Thursday ( September 17 ), describing it as “the largest ever for a live-entertainment tech company.”

Fever ’s announcement did not include an updated valuation. However, Spanish broadcaster Atresmedia , which first invested in Fever ’s Spanish business in 2015 through a media-for-equity deal, told Spain’s securities regulator, the CNMV , on Tuesday ( September 15 ) that it had sold its entire stake in the company, which stood at just over 5% , for approximately EUR €227 million .

The buyer was existing Fever shareholder Vitruvian Partners , according to Cinco Días and Europa Press . The reported valuation implied by that price is approximately EUR €4.5 billion – roughly USD $5.2 billion at current exchange rates.

Atresmedia said its Fever stake sale generated a net post-tax gain of approximately EUR €205 million . Including earlier partial divestments in 2023 and 2024, the broadcaster says its Fever investment has returned total proceeds of EUR €296 million and a post-tax profit of around EUR €264 million .

Fever says it has more than tripled its revenue over the past three years while remaining EBITDA-positive, and that it has strengthened its position across North America and Asia .

The company plans to use the money to expand beyond the 55 countries where it currently operates, and to deepen its presence across all major entertainment categories.

Fever says it will also increase spending on technology for its partners, among them promoters, venues, sports teams, attractions, artists, museums, and cultural institutions. The company says those tools are designed to help partners gauge demand, reach the right audiences, improve their ticketing, and take successful formats into new markets.

> “In a world rapidly being reshaped by AI, demand for in-person, shared experiences is accelerating, as more people turn to live entertainment for the kind of connection no screen can offer.” Fever

“In a world rapidly being reshaped by AI, demand for in-person, shared experiences is accelerating, as more people turn to live entertainment for the kind of connection no screen can offer,” Fever said in a press release.

Spain-founded, New York-headquartered Fever is led by co-founders Ignacio Bachiller , who serves as CEO, Francisco Hein , and Alexandre Perez .

Under a five-year global agreement announced in June , Fever will serve as an Official Supplier to Formula 1 from the 2027 season through 2031 , supplying ticketing technology and supporting work on the fan experience.

The platform will roll out across every Grand Prix from 2027, and will be available through Formula 1 ’s official global website.

Fever and Formula 1 will “jointly implement cutting-edge solutions to enhance the fan experience and expand the international distribution of official race tickets, hospitality and Paddock Club packages,” said the live events company.

Recent additions to the company’s partner roster include SailGP , the X Games , the FIFA Arab Cup , Kew Gardens , the National Museum of the Royal Navy , and the Frida Kahlo Museum .

Those names sit alongside FC Barcelona , Atlético de Madrid , the Palace of Versailles , Netflix , and Warner Bros.

On the music side, Fever ’s partner network includes festival Primavera Sound , along with Fabrik , Last Tour , Cercle , and TCE Presents .

DICE , meanwhile, works with venues, festivals, and promoters including Club Space , Sonar , the Newport Jazz and Folk Festival , London’s Alexandra Palace , and Rough Trade .

Fever acquired DICE in June 2025 for an undisclosed sum, as previously reported by MBW .

That deal was confirmed a day after Fever secured more than USD $100 million in equity funding from L Catterton and Point72 Private Investments , alongside existing investors.

Fever ’s last company-confirmed valuation was USD $1.8 billion , reached in 2023 after a USD $110 million round led by Goldman Sachs .

Goldman also led a USD $227 million round in the company in 2022, which Fever called at the time “the largest ever for a live-entertainment tech startup.”

Fever describes EQT , the Stockholm-headquartered investment group, as “Europe’s largest private markets investor.”

EQT says it had EUR €341 billion in total assets under management as of June 30, 2026 , of which EUR €186 billion was fee-generating.

EQT has been building its exposure to music and entertainment assets for close to a decade.

It bought a 40% stake in Epidemic Sound in 2017 – a position it has since partly sold down while remaining the Swedish company’s largest shareholder – invested in talent agency UTA in 2022, and backed Denis Ladegaillerie ’s consortium in its 2024 takeover of Believe , followed last year by a move to take the company fully private .

Point72 Private Investments is the private-investing arm of Point72 , the alternative investment firm founded by Steve Cohen , its Chairman and CEO. Music Business Worldwide

News United States Baillie Gifford DICE EQT Fever Point72 Private Investments

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_Originally reported by [Music Business Worldwide](https://www.musicbusinessworldwide.com/dice-owner-fever-raises-250m-led-by-eqt-in-what-it-calls-the-largest-ever-round-for-a-live-entertainment-tech-company/)._