Innovative platforms like TikTok and Spotify have been exploring the concept of hosting events directly on their platforms. However, event startup Posh is taking a different approach by focusing on creating intimate gatherings for up to a few hundred people. These gatherings offer attendees the opportunity to connect with friends, friends of friends, and acquaintances from past social events.
Posh recently announced that it successfully secured $22 million in Series A funding, with Goodwater Capital leading the investment round. This brings the total amount of capital raised by the company to $31 million, with contributions from investors like FirstMark Capital, Companyon Ventures, and Epic Ventures.
With this new funding, Posh plans to expand its team and enhance its app by offering improved event suggestions to its 2 million registered users. The company has facilitated $95 million worth of lifetime experiences through its platform.
Avante Price and Eli Taylor-Lemire, the co-founders of Posh, revealed their vision to position the platform as the next big social space that fosters real-world connections and community building. They aim to create a space where users can discover events, foster meaningful relationships, and cultivate their own social circles.
Expanding the Consumer Platform
Initially starting as a SaaS offering for events listed on various websites, Posh pivoted towards a consumer-centric approach with the launch of its app in October. The app functions similar to TikTok, allowing users to scroll vertically to discover events of interest. Currently available only on iOS, Posh aims to capture a significant market share in direct ticket sales through its app.
Recently, Posh introduced a feature where users can import their contacts to discover friends using the platform. In the coming months, the company plans to unveil a personalized feed based on user connections and previous event attendance.
Avante Price emphasized Posh’s focus on building a community-centered platform where the quality of attendees matters most. By creating events where users can engage with like-minded individuals within a social setting, Posh aims to differentiate itself in the event space.
Diversifying Event Offerings
While currently focusing on nightlife and social activities, Posh aims to expand into categories like fitness, art, and food. Additionally, the company is working on creating a supportive ecosystem for event organizers by offering guidance, tutorials, and resources to enhance the event-hosting experience.
Posh’s goal is to empower creators, such as podcasters, to engage with their audiences through in-person events. Furthermore, the platform seeks to facilitate brand interactions with community members through recurring small-scale gatherings.
Opportunities and Challenges in the Event Space
Although Posh does not charge fees to organizers, it does impose a 10% + $0.99 fee on ticket purchasers. While the platform has seen profitability in certain months, it remains focused on expansion and growth.
The founders noted that Posh averages 350,000 bookings for 300,000 individuals each month, indicating a significant portion of one-time users. By enhancing personalization and event diversity, Posh aims to convert these users into repeat attendees.
Posh faces the challenge of diversifying its event offerings across various genres while balancing the demand and supply dynamics on its platform. The company seeks to create a robust event supply to cater to the social needs of its users throughout the year.
Drake Rehfeld, Principal at Day One Ventures, commended Posh’s ability to provide unique and exclusive event experiences to its users. Leveraging the founders’ expertise in the events space, Posh is well-positioned to drive rapid growth in the industry.
