Austin-based booking and live music management software company Prism.FM has secured $5 million in Series B funding, the company announced.
Andrew Lindner, founding partner of Frontier Growth, led the effort, personally investing $1.55 million through a syndicate investment pool with Connor Ryan and other members of Frontier Growth’s ecosystem. Existing investors also participated in the round including Stephen Cook, Jay Jensen, Kip Mclanahan, Advantage Capital, Rich Arnesen and more.
The new capital will be invested in product, engineering, and go-to-market strategy for the industry leading platform that brings venues, agencies, and promoters together in one system. Prism’s CEO and founder Matt Ford says that Prism has already been used to plan hundreds of thousands of shows at over 10,000 venues worldwide.
“We have seen unprecedented growth after supporting the live music industry during the pandemic,” says Ford, chief executive officer at Prism. “We saw the music industry nearly collapse and were fortunate to be in a position to help. We were one of the first funders of NIVA, continued investing in our product, and worked out payment arrangements with customers who were struggling. We will continue to stand with the industry and grow our product to help live music thrive.”
In addition to unprecedented growth in the talent buying ecosystem, Prism has also found significant traction in new market segments like touring promoters, performing arts centers, and Broadway presenters.
Lindner also recently made a $30 million investment in live music software platform at Venu, through Frontier Growth.
“Matt and I have a shared passion for the music industry,” says Lindner. “It’s an industry that is rapidly evolving and adopting technology at an accelerating pace. The Prism team has shown a deep commitment to supporting live music and have a real connection with their end users. Their platform gives promoters and independent venue operators a better way to manage the critical function of talent acquisition.”
Ford has launched multiple software companies servicing the live music industry, such as spotlight.fm and Solstice. He has also started and ran a concert promoter business, organizing an annual festival and booking thousands of shows annually at various venues in Austin, Texas.
Powered by Billboard.