Posh secures $22M to transform small events with TikTok-style engagement

Event Startup Secures $22 Million to Redefine Intimate Social Gatherings

As major platforms explore large-scale events, a burgeoning event startup is shifting focus to more personal gatherings. Emphasizing small events of up to a few hundred participants, the startup announced a successful $22 million Series A funding round, led by Goodwater Capital, with contributions from FirstMark Capital, Companyon Ventures, and Epic Ventures. This brings their total funding to an undisclosed figure, with notable investors including Day One Ventures and Pareto Holdings. The fresh capital will be used to expand their team and enhance their app’s event recommendation features.

Currently, the platform boasts 2 million registered users and a lifetime booking value of $95 million. Hatim Khety of Goodwater Capital commented on their investment, highlighting the startup’s potential to foster real-life social connections and community building. Initially launched in 2020 as a SaaS product for event listings, the startup pivoted to its own consumer app last October. Operating similarly to TikTok, users scroll to discover events, enhancing their chances of attending gatherings where they know at least a few people. Presently available only on iOS, the app aims to increase its market share of direct ticket sales from 12% to 25% by year-end.

New Developments and Features

This week, the company introduced a feature allowing users to import their contact lists to see which friends are also on the platform. Future updates include a “For You” feed to tailor event suggestions based on user interactions and social connections. The app currently hosts about 5,000 events monthly, primarily nightlife and social gatherings, but plans to diversify into fitness, art, and food events. Furthermore, the startup is enhancing support for event organizers by offering tutorials and community-building events.

Monetization and Growth Challenges

The startup adopts a no-fee model for organizers, instead charging attendees a 10% + $0.99 fee per booking. While experiencing profitable months, it is not yet profitable overall and is concentrating on growth. With approximately 350,000 bookings for 300,000 users each month, personalization is key to converting one-time users into repeat participants. The startup faces the challenge of increasing event variety and balancing its business throughout the year, aiming to boost event supply rather than just consumer demand.

Drake Rehfeld of Day One Ventures noted the platform’s unique ability to uncover niche and distinctive events. Co-founders Price and Taylor-Lemire’s experience in the event space is expected to drive rapid growth, further distinguishing the startup in the market.

The Road Ahead

As it continues to innovate and expand, the startup remains committed to making intimate events more accessible and enjoyable, thereby redefining how people socialize and connect offline.