Funl, a Lincoln, Nebraska-based platform that lets performers gauge fan demand before committing to an event, has raised $2.5 million in a round that values the company at $10 million post-money, according to the company. The round drew nearly 20 private investors. Funl also received a $150,000 Nebraska Innovation Fund Prototype Grant from the Nebraska Department of Economic Development to support platform development.
The company was founded by Bryan Olesen and John Wooten, touring musicians formerly of the band VOTA, who said the idea grew out of their own experience booking shows on open tour dates without knowing whether local demand would justify the financial risk. Funl’s platform lets creators propose events and collect private bids from fans; fans are only charged if they win the bid and the creator’s undisclosed reserve price is met, allowing organizers to gauge demand and pricing before an event is finalized.
Olesen, the company’s CEO, said the model is intended to apply beyond traditional concerts to formats such as rooftop shows, private meet-and-greets and workshops that may not fit conventional ticketing. The new capital will go toward platform development, expanding creator adoption and broadening the types of experiences offered through the service.
Based on a press release provided to Music Industry Weekly by Olivia Long, olivialongpr.com.