LiveStyled on Monday relaunched with a new name and a new round of funding. The London-based company is now Realife Tech.
“LiveStyled grew out of building technology for live entertainment,” Adam Goodyer, founder and CEO, told Crunchbase News. “As we started to expand the use of technology and look at where our mission lay, we realized that it encompassed a wider view of real life, so we wanted a name that encapsulated the real-life experience.”
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Realife Tech closed on a Series A funding round of $7.2 million led by Virgo Investment Group, with participation from strategic investors Superfly Ventures and Stadia Ventures. With this new funding, the company has raised a total of $12.2 million since being founded in 2014, Goodyer said.
The company works with more than 60 sports teams and entertainment destinations, integrating its Experience Automation Platform to provide a customized communication channel for guests, Goodyer said. The company found that customers spend 30 percent more when using Realife, he added.
After downloading the mobile app, users give permission to Realife and the event to use their data to provide information, such as which gate they should enter, where the closest food vendors or restrooms are, and other product recommendations depending on where they are within the venue, he said.
Armed with the new funding, Realife Tech’s focus is event safety, Goodyer said. The company created a Post-COVID Fan Safety Hub, a functionality aimed at reducing queues at entries and exits, as well as contactless ordering of food and merchandise.
Realife Tech is presently working with the Indianapolis 500, one of the first major sporting events to return with fans, to deploy the new technology for its race in August, Goodyer said.
“We are focused on reducing congestion so that fans can return safely,” he added.
In addition, the company aims to move into new business areas, such as tourism and retail, he added.
Goodyer said revenue has grown rapidly—200 percent year over year for the past three years, and despite the COVID-19 pandemic, he expects the same results for 2020. Realife Tech is also growing its employee base, which increased this year from 20 to 50 employees, with plans to add another 20 in sales, marketing and customer success functions in the U.S., where Realife has an office in Los Angeles.
“Ultimately, we feel we can be a half-billion-dollar company,” Goodyer said. “The next step for us is to make it easier for smaller destinations, such as smart districts and smart cities, to adopt our technology so they will know who is coming into their areas.”
Illustration: Li-Anne Dias