New York City-headquartered event management platform POSH has announced a $5 million seed raise, and higher-ups say that their company will use the capital to “double down on product, bridging the gap between attendee and organizer.”
Eli Taylor-Lemire- and Avante Price-founded POSH – not to be confused with the Boston-based “conversational AI company” of the same name – just recently unveiled the multimillion-dollar raise in a series of tweets. Per its website, the startup enables users to manage and market paid and free happenings alike, including with customizable event pages and “unlimited SMS blasts.”
Also available through four-year-old POSH are team management tools, attendee analytics, “instant payouts” from ticket sales, and “everything required to scale from dinner party to music festival,” according once again to the startup’s website.
Back to the newly detailed $5 million round, Boston’s Companyon Ventures (an early investor in podcast company RadioPublic, now known as Acast) and Salt Lake City’s Epic Ventures are said to have led the raise. Other participants include Palo Alto’s Amino Capital, Miami’s Pareto Holdings, San Francisco’s Day One Ventures, and Cambridge’s Dorm Room Fund, besides several angel investors, POSH communicated.
“I cannot express how thankful I am for the constant support of our team, users, and investors,” POSH head Avante Price relayed of his company’s seed raise. “The product updates we have in store for the next few months are going to revolutionize the events space in ways we once only dreamed of…”
More specifically, TechCrunch has reported that POSH’s aforesaid 22-year-old co-founders intend to launch an Android app next month, in addition to building out the currently organizer-focused mobile offering on the eventgoer side. Among POSH’s other especially interesting features is a proprietary “Kickback” tool through which fans can invite others to events and receive a piece of the resulting ticket sales.
Lastly, POSH says that it’s attracted north of 700,000 users (both attendees and organizers) and processed more than $30 million worth of ticket sales thus far – all while “recently” achieving profitability, according to the mentioned report.
Following a $227 million Goldman-led round for “IRL” event platform Fever towards 2022’s start, the company pulled down another $110 million (at a $1.8 billion valuation) in February of this year. Meanwhile, venue-artist booking platform GigFinesse in December announced a $3.6 million raise, and in January, Events.com kicked off 2023 by revealing that it had obtained a $100 million capital commitment.