# Hive lands $27 million Series B from Frontier Growth, mostly secondary capital

> Hive raised $27 million in Series B funding from Frontier Growth, mostly secondary capital, bringing total funding to about $35 million.

- Published: 2026-10-21T20:43:38+00:00
- Section: Funding
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-21/hive-series-b-frontier-growth
- Source: [Startup Researcher](https://www.startupresearcher.com/news/hive-lands-usd27-million-series-b-funding-from-frontier-growth)

## Key takeaways

- Hive raised $27 million in Series B equity financing from Frontier Growth, mostly secondary capital.
- The round brings Hive's total raised to about $35 million, with Avenue Growth Partners almost fully exited.
- Frontier Growth founding partner Andrew Lindner will join Hive's board of directors.

Hive has secured US$27 million in Series B equity financing, nearly C$38 million, from Charlotte, North Carolina-based [Frontier Growth](https://akta.pro/company-profiles/0000a4p/frontier-growth). [Startup Researcher](https://www.startupresearcher.com/news/hive-lands-usd27-million-series-b-funding-from-frontier-growth) reported the round, which consists mostly of secondary capital designed to nearly buy out Hive's first institutional investor, [Avenue Growth Partners](https://akta.pro/company-profiles/0004w4w/avenue-growth-partners) of Washington, DC.

## How the Hive Series B Was Structured

Co-founder and Chief Technology Officer Patrick Hannigan said the primary motivation was to partner with a firm experienced in scaling vertical software companies, not to pursue a high risk venture return. The transaction includes a small portion of primary capital to support product development and go-to-market plans, bringing Hive's total raised to about US$35 million, most of it secondary. Avenue Growth Partners led Hive's US$7 million Series A in 2023 and is now almost fully exited through this secondary sale.

Hannigan described the financing as the next step for an intentionally built, sustainable business rather than a venture style bet on a 100 times return. Frontier Growth founding partner Andrew Lindner will join Hive's board of directors. Lindner said Hive has achieved something rare in vertical software by building a product deeply embedded in customer revenue, adding that proprietary data and network effects position Hive to lead automation in the large and underserved live events market.

Hive was founded in 2014 by Patrick Hannigan and Ian Roberts, students at the University of Waterloo with a shared passion for live music. The company initially launched as a ticketing business and gained acceptance to the Velocity incubator and Y Combinator. After multiple pivots, including engagement and analytics tools for musicians, Hive found product-market fit around 2019 with marketing software for venue owners.

Hive offers what Hannigan has described as a Mailchimp specifically for venue owners and live event promoters. The platform connects often disparate fan purchase data with email, text, advertising, and customer relationship management tools so clients can automate core marketing tasks using AI. Today, the 75-person company serves more than 1,600 venues, promoters, and festivals, and its clients have sold over US$1 billion worth of tickets to date, with annual recurring revenue now well past US$10 million.

[Music Business Worldwide](https://www.musicbusinessworldwide.com/live-events-marketing-platform-hive-raises-27m-series-b-from-frontier-growth/) reported that the funding will support product development, integrations, and international expansion.

## Frontier Growth's Investment Record

According to akta.pro [company records](https://akta.pro/company-data), Frontier Growth is a Charlotte-based growth equity firm founded in 1999 that invests $5-30 million in growth-stage vertical SaaS companies with $3-20M ARR. The firm's Fund V closed in 2017 at $700 million, and Fund IV closed at $390 million in 2017.

| Fund | Size | Closed |
| --- | --- | --- |
| Fund V | $700 million | 2017 |
| Fund IV | $390 million | 2017 |

Frontier Growth led Hauler Hero's $16 million Series A in February 2026 to back an AI-native waste management operating system, with Disruptive Founders Fund, Somersault Ventures, and ServiceTitan executives co-investing. The firm led Sprocket Sports' Series A in November 2025, entering the youth sports club management vertical, and brought LLR Partners on as co-investor in AxisCare in June 2026 while remaining an active investor to support continued AI platform development.

## Hive's Canadian Roots and Pandemic Resilience

Hive's Canadian foundation has shaped its longevity and spending discipline. When COVID-19 hit in 2020, the company lost 60% of its revenue almost overnight. The then eight-person startup chose to stay the course, avoid layoffs, and support clients while waiting for the live events industry to recover.

Most of Hive's customers are based in the United States, but 70% of its team is located in Canada, including most engineering staff. Hannigan credits the company's staying power to those Canadian roots, describing the team as grittier, longer lasting, and more efficient. Roberts added that the founders believed in the product, supported clients during the downturn, and were profitable enough leading into the pandemic to avoid layoffs.

With the new partnership, Hive plans to continue expanding a marketing platform purpose-built for live events while maintaining its efficient operating model.

## Companies in this story

- [Frontier Growth company profile](https://akta.pro/company-profiles/0000a4p/frontier-growth) · website: https://www.frontiergrowth.com
- [Avenue Growth Partners company profile](https://akta.pro/company-profiles/0004w4w/avenue-growth-partners) · website: https://www.avenuegp.com

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