Key Takeaways
- • Kitchener-Waterloo live event marketing software firm Hive announced a $27 million USD (nearly $38 million CAD) equity Series B led by Charlotte, North Carolina-based Frontier Growth, according to BetaKit.
- • The majority of the round is secondary capital used to largely buy out Hive's first institutional investor, Washington, DC's Avenue Growth Partners, which led a $7 million USD Series A in 2023.
- • Hive has been hovering around breakeven for years, and co-founder and CTO Patrick Hannigan says the deal is not a venture bet but a sustainable, intentionally built business partnership.
- • Hive serves over 1,600 venues, promoters, and festivals, has helped clients sell more than $1 billion USD in tickets, and says it is "well past" $10 million USD in annual recurring revenue.
- • Frontier founding partner Andrew Lindner is joining Hive's board; Hive has raised about $35 million USD to date, mostly secondary, and the valuation was not disclosed.
Summary
Hive, a 75-person live event marketing technology startup based in Kitchener-Waterloo, Ontario, announced a $27 million USD (nearly $38 million CAD) equity Series B financing led by Frontier Growth of Charlotte, North Carolina, according to BetaKit. The round is predominantly secondary capital, used to largely buy out Avenue Growth Partners of Washington, DC, Hive's first institutional investor, which led its $7 million USD Series A in 2023. A small portion of primary capital will fund product development and go-to-market plans.
Co-founder and CTO Patrick Hannigan told BetaKit that Hive, which has hovered around breakeven for years, sought Frontier primarily for its long record scaling vertical software companies and its experience in live events. Hannigan characterized the transaction as a sustainable business partnership rather than a venture bet. Frontier founding partner Andrew Lindner, who is joining Hive's board, said Hive has achieved "something rare in vertical software," citing a product deeply embedded in customer revenue and reinforced by proprietary data and network effects.
Hive describes its platform as a Mailchimp for venue owners and live event promoters. The software connects fan purchase data with email, text, advertising, and CRM tools, using AI to automate marketing tasks. The company serves more than 1,600 venues, promoters, and festivals, which have collectively sold over $1 billion USD in tickets. Hannigan said annual recurring revenue is "well past" $10 million USD. Hive has raised about $35 million USD to date, mostly secondary, and Hannigan declined to disclose the breakdown or the latest valuation.
Founded in 2014 by Hannigan and CEO Ian Roberts as a ticketing business while they were students at the University of Waterloo, Hive went through several pivots, including music analytics tools, before finding product-market fit around 2019 with marketing software for music venue owners. The company lost 60 percent of its revenue when the COVID-19 pandemic hit, but avoided layoffs and kept operating. About 70 percent of its team, including most engineering staff, is based in Canada, though most customers are in the US.
Co-founder and CTO Patrick Hannigan told BetaKit that Hive, which has hovered around breakeven for years, sought Frontier primarily for its long record scaling vertical software companies and its experience in live events. Hannigan characterized the transaction as a sustainable business partnership rather than a venture bet. Frontier founding partner Andrew Lindner, who is joining Hive's board, said Hive has achieved "something rare in vertical software," citing a product deeply embedded in customer revenue and reinforced by proprietary data and network effects.
Hive describes its platform as a Mailchimp for venue owners and live event promoters. The software connects fan purchase data with email, text, advertising, and CRM tools, using AI to automate marketing tasks. The company serves more than 1,600 venues, promoters, and festivals, which have collectively sold over $1 billion USD in tickets. Hannigan said annual recurring revenue is "well past" $10 million USD. Hive has raised about $35 million USD to date, mostly secondary, and Hannigan declined to disclose the breakdown or the latest valuation.
Founded in 2014 by Hannigan and CEO Ian Roberts as a ticketing business while they were students at the University of Waterloo, Hive went through several pivots, including music analytics tools, before finding product-market fit around 2019 with marketing software for music venue owners. The company lost 60 percent of its revenue when the COVID-19 pandemic hit, but avoided layoffs and kept operating. About 70 percent of its team, including most engineering staff, is based in Canada, though most customers are in the US.
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