Thursday 05 July 2018 3:59 pm

London-based tech company Fever secures $20m Series C funding

Secret London owner Fever is set to expand into new markets across Europe and North America after securing $20m (£15.1m) in a Series C fundraise.

The company runs a fast-growing entertainment and experience booking app that uses a recommendation algorithm to help its 12m unique weekly users discover new restaurants, bars, events, concerts, and experiences.

The round was co-led by Atresmedia and Labtech with participation from existing investors such as Accel Partners and 14W Ventures who helped lead the 2015 Series A and 2016 Series B funding. Real Madrid footballers Sergio Ramos and Guti, along with three-time Grammy Award winner Alejandro Sanz, were among the early stage seed investors.

Fever currently operates in a total of 12 cities and also runs the Secret Media Network, including Secret London and Secret NYC, which has in-house editorial teams who use the first hand consumer behavioural data to create targeted content.

The company also claim that their data scientists are able to identify the characteristics of a successful event, which helps to mitigate risk not only for Fever, but for event promoters and organisers too.

Chief executive of Fever, Ignacio Bachiller, said: "By using our data driven approach and the audience that our Secret Media channels provide, Fever is fast becoming the go-to platform for entertainment inspiration globally.

"To date, our success comes down to how we leverage anonymised behavioural data from our highly engaged online audience, which then allows us to offer new, exciting events to our users, especially when a clear, untapped demand appears."

This data has also been used to create Fever ORIGINALS, a series of events driven by the interests of Fever and Secret Media users. The new funding wil also be used to expand this service in the cities where it already operates.

Bachiller added: "We're bringing consolidation to a highly fragmented market for entertainment and will use this backing to bring back discovery to the events space. Inspiring our users will always be our priority, and this backing will help us continue our drive to bring the experience economy into the 21st century."