Xceed, the Barcelona-based startup that has revolutionised the nightlife industry in many of Europe’s major countries, has closed a 2.3 millions of euro funding round, demonstrating – once again – the need for digitalization that the sector was experiencing.
From its foundation in 2014 to date, Xceed has raised a total of 3 millions of euro, while the platform has transacted more than 30 millions of euro and 5 million bookings. Last year, it surpassed the break-even point and was awarded by The Next Web as the fastest growing startup in Spain.
A SERIES LED BY 360º CAPITAL
Series A of this financing round is led by the investment fund 360º Capital Partners, which has been supporting Xceed since its foundation. This series is completed by business angels Guillaume Penot – chairman of the company – and Andreas Mihalovits.
Nader Sabbaghian, CEO of 360º Capital, says that Xceed “continues to be a driving force in the digital modernization of the nightlife industry”. He acknowledges that they are “impressed with their achievements and proud to support Mattia and the team in the pursuit of their ambitious goals”. 360º Capital is a Venture Capital firm investing in innovative deep-tech & digital enterprises across Europe. The firm has a 20-year track record of supporting talented tech entrepreneurs in developing ambitious & disruptive companies in a variety of sectors. Led by a diverse, and experienced team of professionals located in Paris and Milan, 360º Capital has €300 million of assets under management and an active portfolio of over 50 companies.
Guillaume Penot, another key player in the startup and former director of Moët Hennessy Europe, joined as investor and chairman in 2018 to advise Xceed on the exploitation of the market. “I decided to join and support the Xceed team because I felt the vision, strategy and team were outstanding and I believe the concept, already strongly executed in several cities, could be developed profitably, to create the industry leader”, he says.
Thanks to the funding received, Xceed will be able to accelerate its consolidation in the main markets, expand to northern Europe and the US, and increase its team to develop new key functionalities on both the B2B and B2C sides. Xceed aims to position itself as the end-to-end platform which offers experiences from dusk till dawn, incorporating new business lines such as restaurants, bars and lounges.
Today, the market of nightlife events and festivals generates a value of 60 billions of euro a year, considering only Europe and the US. “Millennials and the one known as Gen Z (Generation Z) are characterized by prioritizing the acquisition of experiences over products,” explains Mattia Franco, CEO of Xceed. A clear example is what happens with the music industry: “Music producers and DJs gain followers by giving away their music on the Internet, but it is by performing live in clubs and festivals that they get financial rewards for their work. That’s where Xceed comes in, making it easier for agents on both sides to make that happen and thus exploiting the business potential of this industry.”
Regarding the future of the company, CEO Mattia Franco reflects: “The world is now connected more than ever. People are tired of physical products and more and more are looking for human interactions. Going out, both when at home or traveling, should be spontaneous and frictionless. Our mission is to ensure that the happiness of meeting new people is accessible to all. We are going to change the way people live the best nights of their lives. Anything else would simply not be enough.”