Funl Raises $2.5M to Expand Fan-Backed Event Platform

Demand-driven event platform Funl has raised $2.5 million at a $10 million post-money valuation.

What it does:

• Founded by longtime touring musicians Bryan Olesen and John Wooten, Funl allows creators to test demand and pricing before an event is produced.

How it works:

• Creators can propose experiences for fans, who can then submit private bids for those they’re interested in.

• Fans are only charged if they become winning bidders and the creator’s hidden reserve is met.

• If the reserve is not reached, the event does not take place and bidders are not charged.

The backing:

• The funding round includes nearly 20 private investors, and will support the continued development and expansion of Funl’s technology.

• The company also received a $150,000 Nebraska Innovation Fund Prototype Grant through the Nebraska Department of Economic Development to further support development.

What they said:

• Bryan Olesen, Co-Founder and CEO of Funl: “Funl really came from us trying to solve our own problem as creators. We experienced the uncertainty of committing to events without knowing if the demand was really there. At the same time, we had fans who wanted more unique and personal opportunities to experience the band. We started experimenting with house concerts and smaller events, and realized there was something much bigger in that idea.”