A $7 million seed round for KYD Labs, a blockchain-driven ticketing platform designed to grant artists and venues greater control over ticket distribution, fan data, and income, has been led by venture capital firm a16z Crypto.
The investment was made as KYD aims to broaden its footprint in the live events industry, with early success already demonstrated at notable venues such as New York’s Le Poisson Rouge (LPR), according to a press release issued by the firm.
KYD Labs was established by Ahmed Nimale, previously a product manager at Ticketmaster, and David Barrick, the founder of the ad-tech platform Flipmass. The company is aiming to tackle persistent problems in the ticketing industry, particularly the revenue losses faced by artists and venues.
Revenue is typically lost by artists and venues due to secondary ticket sales and the control of customer data by ticketing platforms. This issue is being addressed by KYD, which seeks to provide venues with direct access to fan data and income sources.
“KYD, short for ‘Keep Your Distribution,’ was created to ensure that no artist or venue would ever need to request access to what rightfully belongs to them,” stated Nimale, who is scheduled to speak at Consensus 2025 in Toronto.
Enhancing Efficiency Through Blockchain
A simplified ticket-purchasing process has been enabled by KYD’s platform, which is developed on Solana. Tickets can be bought by fans in less than 30 seconds using only a phone number, eliminating the need to navigate crypto wallet complexities.
Higher engagement and revenue have been observed by venues, with LPR reporting a 30% increase in ticket sales and millions in added earnings following the implementation of KYD’s system.
A doubling of return on investment and a notable improvement in overall efficiency have been achieved since KYD’s tools were adopted, according to Shannon Wiles, Marketing Director at LPR.
Two new protocol layers are also planned for rollout by the platform: the $KYD token, intended to offer funding for venues and tours, and the $TIX reward token, created to encourage fan loyalty by operating like airline miles. These additions have been designed to enhance financial stability for artists and venues while promoting greater community involvement.
Broadening the Scope
Over the past year, $4 million in ticket sales has been processed by KYD, generating more than $1 million in revenue. An expansion to over 100 venues across the U.S. is planned by 2026, with long-term ambitions to support live event commerce in major arenas globally.
Blockchain technology is being utilized by KYD Labs to establish itself as a contemporary substitute for conventional ticketing giants, with increased control offered to creators and a more seamless experience promised for fans.
