UK-born music venue developer and operator tvg hospitality has raised $50 million in new funding, to expand its team and venue portfolio in the UK and across the United States.
Tvg was founded by Ben Lovett of Grammy-winning British band Mumford & Sons, along with his brother Greg Lovett, former Finance Director at Soho House.
The firm currently operates three venues in London, with “multiple” venues under development in the United States, including the Orion Amphitheater in Huntsville, Alabama, which opens in May 2022.
The financing was led by Nat Zilkha and Gibson Brands, with participation from a heavyweight list of investors from the music industry.
The company’s backers include C3 Presents, Irving Azoff and Oak View Group, Mike Luba and Don Sullivan, Justin Kalifowitz and Andrew Bergman, Coran Capshaw, Ron Laffitte, Lucy Dickins, Adam Tudhope and Tom Windish, and musicians Ryan Tedder, Maggie Rogers and Ted Dwane.
Funding was also provided by entrepreneurs and hospitality industry leaders including Jen Rubio and Stewart Butterfield, Joe Gebbia, Olga Segura, Tom Kartsotis, Samantha Marquart, Brent Montgomery, Ann Berry, Bippy Siegal, and Dani Ricciardo, as well as investors including, LionTree, Goldman Sachs, John Howard, Pete Muller and multiple partners from KKR.
In connection with the financing, tvg has also expanded its leadership team to include professionals from the music, hospitality, people and culture and real estate development industries.
In addition to their long-standing leadership group which includes Ben and Greg’s father, David Lovett, co-founder and former vice chairman of Alix Partners in Europe, who acts as Chairman for the company, and Graham Brown, the Chief Development Officer, tvg has added Jesse Mann (formerly SVP, Strategy and Operations, AC Entertainment/Live Nation), Dan Pine (formerly managing director at Marathon Asset Management and development partner to the Related Companies), and Lisa Seelinger (formerly head of People for Bergdorf Goodman and Maybourne Hotel Group).
Tvg claims to be creating “the next generation” of music venues alongside what it calls “elevated hospitality offerings in order to enhance the artist and fan experience and create gathering spaces to be enjoyed as true community assets”.
The firm’s current portfolio includes London music venues, Omeara, Lafayette and the Social, and the broader hospitality offerings at Flat Iron Square and Goods Way.
Lovett’s company has also partnered with the City of Huntsville, Alabama on the 8,000-cap Orion Amphitheater, which is scheduled to open in May this year (see below).
Tvg says that it will manage the amphitheater and the in-bowl concessions, as well as operate a food village next to the amphitheater and another venue located in downtown Huntsville called Meridian Social Club at The Lumberyard opening this summer.
The British-born company says that it is also in development on numerous other projects across the US and UK, including in Washington DC, London, Nashville, Austin, Detroit, New York and Los Angeles.
“I am incredibly grateful for the investments from so many of our industry leaders. It furthers cements our belief that our new thinking is going to be game changing for artists, fans and communities alike.”
Ben Lovett
Ben Lovett said: “Our passion at tvg, our defining character, is a deep-rooted belief in the value of communal spaces, gathering places where we can be reminded of our common ground and all that makes us human.
“Music is the ultimate leveller — somewhere between melody and lyric is a truth that calls us away from our phones and out of our living rooms to stand together and sing together.
“The plans we have in mind are rooted in elevating these experiences surrounding live music.”
Lovett continued: “I am incredibly grateful for the investments from so many of our industry leaders. It furthers cements our belief that our new thinking is going to be game changing for artists, fans and communities alike.”
“Ben and his team are approaching the venue space in exactly the right way — you have to put the artist and the fan at the centre of every thought process.”
Irving Azoff
Irving Azoff, Chairman/CEO, The Azoff Company and co-founder, Oak View Group, added: “We are thrilled to be working with tvg on this next chapter of their venues.
“Ben and his team are approaching the venue space in exactly the right way — you have to put the artist and the fan at the centre of every thought process.
“That’s the key and tvg are both artists and fans whilst also knowing a thing or two about hospitality. We hope to support them on their mission in any way we can.”
“Music venues have been an underinvested asset class for years and tvg is bringing to life a much-needed supply of world-class venues.”
Nat Zilkha, Board Member
Nat Zilkha, Board Member of tvg, said: “Music venues have been an underinvested asset class for years and tvg is bringing to life a much-needed supply of world-class venues.
“Rather than attempting to compete in a mature music industry with entrenched players, tvg has created a way to partner with the industry and build for the future.”
“What is happening at tvg across multiple venues is incredibly exciting and there is so much good that this crew of folks will accomplish together.”
Mike Luba, partner/investor
Mike Luba, longtime partner and new investor added: “For more than a decade Don [Sullivan] and I have been on all sorts of adventures with Ben and the band, so when Ben wanted to try and figure out how to build a new Amphitheater in Huntsville, of course we were game.
“What is happening at tvg across multiple venues is incredibly exciting and there is so much good that this crew of folks will accomplish together.”
“We have purposefully built a leadership team with extensive experience across music, hospitality, real estate and finance.”
David Lovett
David Lovett said: “We have purposefully built a leadership team with extensive experience across music, hospitality, real estate and finance.
“We are building our company like we create our venues, with intention, so that our assets and tvg become valuable and sustainable parts of each of the communities in which we operate.”Music Business Worldwide
