TVG RAISES $50M FOR U.S., U.K. VENUES 

TVG Hospitality, founded by Mumford & Sons’ Ben Lovett, has raised $50m to finance new venues in the U.K. and U.S.

TVG is developing plans for venues in Los Angeles, New York, Nashville, Detroit, Austin, Washington, D.C., and London. Its portfolio currently includes London’s Omeara, Lafayette and The Social as well as Alabama's soon-to-be-opened Orion Amphitheater, built in partnership with the City of Huntsville.

Said Lovett: “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.”

Other TVG backers include Irving Azoff and Oak View Group; C3 Presents; Mumford & Sons agent and WME U.K. Co-Head of Music Lucy Dickins; Downtown Music Holdings founder/CEO Justin Kalifowitz; Red Light Management founder Coran Capshaw; Wasserman Music EVP/Head of Business Development and A&R Tom Windish; and hit songwriter/producer and OneRepublic frontman Ryan Tedder.

Gibson Brands led the funding round; its Chairman, Nat Zilkha, who also owns the media company Firebird Music Holdings, sits on the TVG board.

“Music venues have been an under-invested asset class for years, but TVG is bringing to life a much-needed supply of world-class venues,” said Zilkha. “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.”