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Beyoncé invests $150k in concert merchandise tech startup

INVESTOR: Singer Beyoncé

SUPERSTAR SINGER and entrepreneur Beyoncé has invested in a tech startup that has already made $2 million in sales this year.

The Formation singer has reportedly invested $150,000 in a new mobile app venture, Sidestep, which allows concertgoers to order merchandise at concerts through their phones.

Sidestep originally started selling T-shirts and posters for Beyoncé on her Formation World Tour. But after two weeks of seeing its success, Beyoncé and her entertainment company Parkwood invested in Sidestep’s seed round of funding.

Sidestep CEO Eric Jones said Beyoncé liked the idea of “a tiny scrappy startup doing the biggest tour in the world".

The startup lets you order tour merchandise before, during, or even after the show from its smartphone app. You can then Sidestep the merch booth line, flash a QR code at the dedicated pickup spot, and grab your items in seconds. Or you can have them delivered to your home. This way you can be sure to get whatever stuff you want in the right size with no fear of wasting time or it selling out.

Along with Beyoncé gear, you can buy merch from artists like Guns N’ Roses, Fall Out Boy, Selena Gomez, and Weezer via Sidestep.

Sidestep has raised a total of $1.7 million from Beyoncé and other investors including actor Jared Leto, former Lady Gaga manager Troy Carter and Cross Culture Ventures, and the previous CEO of the LA Dodgers. The app has done over $2 million in sales, up 10 times from last year, Tech Crunch reported.

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