Posh secures $22M in Series A funding to become TikTok for social events

What’s new at Posh?

Posh has secured $22 million in Series A funding led by Goodwater Capital, with contributions from FirstMark Capital, Companyon Ventures, and Epic Ventures. This round brings the startup’s total capital to $31 million, enabling it to scale operations and refine its app.

Unlike platforms like TikTok that focus on large-scale events such as concerts and big shows, Posh is designed for people who prefer smaller and personal gatherings. Think of Posh as a place to discover events where you can meet friends or acquaintances; like a local art exhibit or a small fitness class, rather than crowded festivals.

Impact of the funding on Posh

Recently, Posh introduced a new feature that allows users to import their contact lists from their phones. This feature simplifies connecting with friends on the platform, making it easier to discover and attend events with people you already know.

With this Series A funding, Posh will grow and boost its team from 26 to 40 members, specifically in product development and go-to-market strategies. The company also plans to refine its TikTok-like app. 

Upcoming features include a "For You" feature that will analyze social connections on the app, including friends, and if you frequently attend events with certain people or have connections who share your interests, the feed will prioritize events that those individuals are also attending or interested in. All to simply deliver more personalized event recommendations.

The company is also working to support event organizers by hosting their events and assisting in finding and booking photographers. Also, the company it will help creatives and brands connect with their audience and customers. 

Market impact and plans

Posh plans to increase its market share, targeting 25% of all event tickets sold through its app by year-end. Currently, the app handles roughly 350,000 bookings monthly, with a focus on nightlife, although, it looks to add other event categories.

Industry insights and challenges

Currently, Posh hosts 5,000 events per month, it is not yet fully profitable and is focused on scaling its operations. So far, the platform charges a 10% + $0.99 fee on ticket bookings but does not charge organizers. To address challenges, Posh aims to increase the diversity of events offered and balance the supply throughout the year through personalization and community engagement.