In the age of mega-festivals and sold-out concerts, a new trend is emerging: the rise of intimate event gatherings. People are craving more personal connections, and companies are taking notice, with small event startups popping up.
One of them is Posh, an event platform focused on intimate gatherings, which recently secured $22 million in its Series A funding round led by Goodwater Capital, with additional backing from FirstMark Capital, Companyon Ventures and Epic Ventures, TechCrunch reported Tuesday (July 23), citing the company.
The latest round brings Posh’s total funding to $31 million from investors like Companyon Ventures, Epic Ventures, Day One Ventures, and Pareto Holdings.
Posh initially launched in 2020 as a SaaS (software-as-a-service) platform for event organizers. However, it shifted its focus to a consumer-facing app resembling TikTok for events. Launched last October, the app allows users to discover events through a vertical scroll format, similar to browsing videos on TikTok.
Since then, Posh has grown to more than 2 million users, and recorded a 1,400% YoY jump in matching attendees to relevant events, Forbes reported.
Available on both iOS and Android, the app has experienced a significant increase in user engagement – marketplace app orders jumped from 6% to 12% of total ticket orders in just six months, TechCrunch said. Posh reportedly aims to capture a 25% market share of all tickets sold directly through its app by the end of 2024.
Posh operates on a commission model, charging a 10% fee + $0.99 per ticket purchased. While the company isn’t yet consistently profitable, it prioritizes user growth at this stage, TechCrunch explained.
Posh currently experiences recurring bookings from roughly 300,000 users, but a significant portion remains one-time users. Personalized recommendations will be key in converting them into regular attendees, the report said.
Beyond event discovery, Posh aims to create sense of community within the app. This week, it introduced a feature allowing users to import their contacts and see which friends are already using Posh.
“By bringing the fundamentals of social media into the real world, we’re helping people create strong relationships, the foundation of belonging. Belonging is the key to happiness,” Posh co-founder and CEO Avante Price said, as quoted by Forbes.
“If we can help our generation find a profound sense of belonging, we can reshape the world in unimaginable ways.”
In the coming months, Posh will further personalize the user experience with a “For You” feed. This feed will curate events based on user connections and past attendance history, aiming to connect users with similar interests and acquaintances attending the same event.
While currently hosting roughly 5,000 events per month, primarily focused on nightlife and socializing, Posh is actively diversifying its offerings. It plans to expand into new categories like fitness, art, and food experiences.
Posh isn’t just targeting event attendees. Recognizing the importance of a thriving organizer community, Posh hosts events specifically for organizers, provides tutorials, and assists with tasks like venue booking and photographer selection.
“By bringing the fundamentals of social media into the real world, we’re helping people create strong relationships, the foundation of belonging.”
Avante Price, Posh
The startup also plans to turn the platform into a space for creators like podcasters to engage with their top listeners through in-person events. Similarly, Posh sees potential for brands to connect with users through small-scale, recurring events.
“When you are back from a vacation in your city, you want to go out and socialize with people but not always at a club. So it is our job to provide more supply of events. We think the consumer demand is flat, but supply of events is not always there, and that’s where we can help,” Posh’s founders were quoted by TechCrunch as saying.
Investors, like Drake Rehfeld of Day One Ventures, highlighted Posh’s unique ability to help users discover “underground and distinct” events. Rehfeld told TechCrunch that Posh founders Price and Eli Taylor-Lemire’s past experience in the events space will support the startup’s growth.
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